๐ฃ Crypto news flash! Bitcoin miners are selling more, but demand isn't keeping up. ๐
- BTC miners have been sending a lot of their coins to exchanges, causing a market imbalance.
- This is due to a decrease in demand, seen in less interest from Bitcoin whales, fewer buys from US spot ETFs, and a drop in the Coinbase premium.
But don't panic! ๐
- While miners are selling to cover costs, this trend could put pressure on BTC prices if it continues.
- OTC supply has been increasing since BTC's peak at $73k in mid-March, but demand has been slower.
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- Demand from long-term holders has dropped 50% since late March.
- Large investors and Bitcoin whales are also showing less interest.
- Spot Bitcoin ETFs in the U.S. have seen significant outflows and little to no inflows.
What do you think? Will BTC target $55k-$57k in the short term? Drop your thoughts below! #BTC #CryptoNews