Bitcoin’s soaring price to multiple highs this month opened up a series of on-chain reactions. On the one hand, hitting an all-time high above $93,000 sent bullish signals, with whales setting sights on new targets before the end of the year. However, massive surges in the crypto market led to corrections as Whales withdrew some holdings, looking to make a profit. BTC price trades at $90,717, a 4% growth over the last day.
Miners Offload 400 Bitcoin
Since tripping new highs, the crypto market has seen slight bearish activity. A new CryptoQuant report shows Bitcoin miners sold an average of 400 BTC to reposition holdings and offset previous losses. This is common in bull cycles after periods of sideways trading, as price hikes provide a huge opportunity for market participants.
“Today we have seen some news about sales from miners of the Satoshi era. When zooming out to compare these with historical sales, we observe that the outflow volume remains at a very low level. Zooming in, we notice some recent sales averaging around 400 BTC.”
These sales by Satoshi-era miners could spark a larger wave of selling activity, although analysts say it is unlikely that a larger wave of sales will be registered. A key factor to note is swinging sentiments, as miners can influence retail traders. This was seen before the approval of spot Bitcoin ETFs in the United States and the previous halving.
These events saw miners move assets to certain degrees and drove similar actions from traders. In the case of the halving, movements were directed toward centralized exchanges, an indicator of a possible sale.
Satoshi-Era Miner Sells 2000 Bitcoin
Hours after the report of miners transferring an average of 400 BTC, the community was stunned by a major transfer. An ancient Bitcoin miner from 2010 sold 2000 BTC for approximately $180 million. The miner remained dormant for the last 14 years, the usual pattern of old whales. As noted earlier, these events occur in periods of sharp bull movements and upward price swings.
The hit of Bitcoin’s price of $93K is seen as the major catalyst for miner sales. Most miners look to reposition their holdings ahead of the next cycle. On the flip side, major upward projections above the $100K BTC price will still lead to strong buying pressure.
