Bitcoin has experienced a significant amount of selling pressure over the past week, resulting in a noticeable impact on its price. According to data from CoinGecko, the value of Bitcoin has dropped by almost 5% in the last seven days, reaching its lowest level in nearly a month at around $65,000 on Friday, June 14th.
Crypto analyst Ali Martinez recently highlighted that Bitcoin miners have been actively selling their BTC holdings in the open market. In a single day, miners offloaded more than 1,200 BTC, equivalent to approximately $80 million. This increased selling activity by miners is believed to have contributed to Bitcoin’s recent correction down to $65,000.
The decision of miners to sell off their holdings is linked to declining revenues following the halving event. With reduced transaction fees and high network hashrates, miner revenues have been decreasing over the past few months. CryptoQuant’s latest weekly report suggests that sustained low revenues and high hashrate could signal a potential market bottom, indicating that the Bitcoin market may stabilize or prepare for an upward movement.
In addition to miners, Bitcoin whales have also been offloading substantial amounts of BTC in recent days. Data from Santiment shows that whales have sold 50,000 BTC, equivalent to about $3.3 billion, in the past 10 days. These whales, who own between 1,000 and 10,000 BTC, are contributing to the selling pressure in the market.
Despite the price of Bitcoin dropping to $65,000, there are signs of recovery with Bitcoin currently valued at $66,266, reflecting a slight 0.7% decline in the past 24 hours. The selling pressure exerted by miners and whales has impacted the market, but the potential stabilization indicated by on-chain observations may lead to a turnaround in Bitcoin prices in the future. Investors will need to closely monitor these developments to understand the market dynamics and make informed decisions regarding their cryptocurrency investments.
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