Bitcoin has been facing a significant amount of selling pressure recently, leading to a decline in its price. According to on-chain data, Bitcoin miners have been actively selling their holdings in the open market. This selling activity has been attributed to miners trimming their BTC holdings and offloading their assets for profit. In a single day, miners reportedly sold more than 1,200 BTC, amounting to roughly $80 million. This increased selling activity by miners may have contributed to Bitcoin’s recent correction to $65,000.
Apart from miners, Bitcoin whales have also been responsible for the recent selling pressure on the premier cryptocurrency. These whales, who own between 1,000 and 10,000 BTC, have reportedly sold 50,000 BTC in the past 10 days, equivalent to about $3.3 billion. This significant amount of selling by whales has added to the overall downward pressure on Bitcoin’s price.
Despite the selling pressure from miners and whales, Bitcoin has shown some signs of recovery in the past 24 hours. After falling to as low as $65,000, Bitcoin is currently valued at $66,266, reflecting a 0.7% decline. This slight recovery indicates that the market may be stabilizing and potentially gearing up for an upward movement.
The recent decision of miners to offload their BTC holdings is linked to the declining revenues following the halving event. With reduced transaction fees and high network hashrates, miner revenues have been dwindling over the past few months. This trend has led miners to transfer their coins to exchanges and OTC desks for sale, putting further downward pressure on Bitcoin’s price.
According to CryptoQuant, sustained low revenues and high hashrate could signal a potential market bottom for Bitcoin. Historical patterns suggest that in such scenarios, the market tends to stabilize before a possible upward movement. This observation provides hope for Bitcoin investors amidst the current selling pressure from miners and whales.
Overall, the recent selling pressure on Bitcoin from miners and whales has contributed to the decline in its price. However, the slight recovery in the past 24 hours indicates a possible market stabilization and potential upward movement in the near future. Investors should closely monitor the situation and consider the implications of miner and whale activities on Bitcoin’s price movements.
