๐๐ผ๐๐น๐ฑ ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ ๐ถ๐ป๐ฒ๐ฟ๐ ๐ง๐ฟ๐ถ๐ด๐ด๐ฒ๐ฟ ๐ฎ ๐๐ฎ๐น๐น ๐๐ผ $๐ฑ๐ฐ๐ ๐ถ๐ป ๐๐ง๐โ๐ ๐ฉ๐ฎ๐น๐๐ฒ?
Exploring the Potential Impact of Selling Trends among BTC Miners on Bitcoin's Market Value
๐ข Key Points :
๐ธ Bitcoin miners are selling their holdings despite a recent increase in BTCโs price.
Minersโ sell-off could potentially drive BTCโs price down to $54k again.
๐ธ Bitcoin Miners Selling BTC Despite a recent uptick in Bitcoinโs price, miners continue to sell their holdings. This comes as Bitcoin struggles to surpass the $60,000 mark.
Even as the price of Bitcoin (BTC) rose by over 3% in the last 24 hours, miners chose to sell. Data from Glassnode indicates that the balance in miner wallets has fallen to 1.8 million BTC, suggesting that miners do not anticipate a further price increase.
Potential Impact on BTC Price:The selling behavior of miners could potentially affect BTCโs price, as increased sell pressure often leads to price corrections. A crypto analyst, Ali, has suggested that a drop to $54.2k could trigger a $24 million liquidation.
Data from CryptoQuant shows that more investors are selling at a profit, which could indicate a market top in a bull market. However, other metrics suggest bullish sentiment. For example, Bitcoinโs Binary CDD shows that the movement of long-term holders in the past week has been below average, indicating a tendency to hold onto their coins.
The derivatives market also shows optimism, with the coinโs takerโs buy/sell ratio indicating a dominant buying sentiment among futures investors.
