According to a report by IntoTheBlock, Bitcoin miners sold 30,000 BTC in June due to squeezing profit margins from halving.
Despite sell-offs, Bitcoin miners hold 1.9M BTC worth $122B, underscoring their influence in the cryptocurrency market.
Institutional interest for bitcoin ETFs picks up pace as political support increases with U.S. elections around the bend.
According to the latest reports by IntoTheBlock, Bitcoin miners sold more than 30,000 BTC coins over almost $2 billion this June alone. This is the fastest rate in over a year. This massive sell-off is blamed on the recent halving of Bitcoin, that has decreased profit margins for miners. As a result, many have opted to liquidate partial reserves to keep the operation running and remain profitable.
Bitcoin miners have sold over 30k BTC (~$2B) since June, the fastest pace in over a year. The recent halving has tightened margins, prompting this sell-off. pic.twitter.com/dy289bu7p4
— IntoTheBlock (@intotheblock) June 22, 2024
Bitcoin Miner Reserves and Market Dynamics
IntoTheBlock shared a graph on their X account, showing that the reserves of Bitcoin miners are now above 1.9 million BTC, equivalent to about $122 billion at current prices. With so far the biggest reserve like this, it goes on to prove that even after the sell-off, miners still have a big piece in hand wrappings for Bitcoin; that alone keeps the market running.
Only a few hours ago, crypto analyst Woo posted a new model on X, showing that the price of Bitcoin needs to be cooled down for another 1-4 weeks before stabilization. He shared a chart of the intensity of speculative activities, suggesting the high volatility in the market.
Eyeballing this model… probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring.Chart: Intensity of speculators playing casino games. https://t.co/GC0NlFgT6W pic.twitter.com/B3bmD6C5vG
— Willy Woo (@woonomic) June 22, 2024
Optimistic Predictions, Institutional Interest
Even at a time when the sell-off is going on, optimistic predictions continue to surround Bitcoin. Interest in Bitcoin ETFs surged and included institutional investors aboard. It will be beneficial for Bitcoin’s price in the long run. Other than that, some new developments on the Bitcoin network serve as a supportive environment for growth and innovation.
Furthermore, Bitcoin miners devise new ways to generate more income. On the political front, the U.S. benefits from a more friendly political environment. Midterm elections are planned for November 5, and it shows some sort of political twist, which is in support of digital assets.
Furthermore, Cameron and Tyler Winklevoss donated to the campaign of former U.S. President Donald Trump. What is more surprising is that both collectively donated a wedge worth $2 million in Bitcoin to support the likely Republican nominee in the forthcoming presidential race.
Therefore, amidst the price volatility, it is sitting at the epicentre of the financial world in 2024. This institutional interest ripples further in Bitcoin because of its digital currencies and peer-to-peer payment systems. Blending institutional interest, political support, and improvements to the network places Bitcoin for further relevance in the financial sector.
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