While the king cryptocurrency Bitcoin (BTC) remains stable at $61,400, altcoins continue their sideways movements. BTC's failure to exceed $62,500 limits risk appetite. The situation of Bitcoin whales and miners provides clues about the direction of the market.
Bitcoin On-Chain Review
BTC miner reserves have fallen to 10-year lows, which explains the prolonged sell-off. Outflows in the ETF channel supported declines in BTC price. Miners' reserves have returned to June 19 levels. The constant miner sales are understandable due to rising costs and the reasonableness of the BTC price. Miner reserves have fallen by 1.18% in the last 30 days and 1.45% in 90 days.
The closure of miners' operations and the weakening of hash power led to excessive selling. The weakening of block sizes by ordinals also caused a decrease in miners' fee income. The shrinkage of reserves in June shows the weakness of the market.
Other Data
Net BTC inflows to the exchanges continued between June 22-24, and the BTC price weakened in this process. However, yesterday, there was a net outflow from the exchanges of approximately 800 BTC. This indicates that assets carried for sale are less than those withdrawn for storage. If this trend continues, it could be a positive development.
Google search trends also declined from May peaks. The search trend, which reached up to 100 in April, has been below 59 for months. This indicates that the consolidation process may continue. The increase in whale transactions caused the BTC price to drop, indicating that whales went on sale in mid-June.
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