Bitcoin has experienced a notable amount of selling pressure in the past week, leading to a decline in its value by almost 5% according to data from CoinGecko. This bearish pressure has caused the price of the premier cryptocurrency to drop to around $65,000 on Friday, June 14th, marking its lowest level in nearly a month.
Recent observations suggest that Bitcoin miners have been actively selling their BTC holdings in the open market, with more than 1,200 BTC (worth approximately $80 million) being offloaded in a single day. This increased selling activity by miners is believed to have contributed significantly to Bitcoin’s recent correction to $65,000 as reported by crypto analyst Ali Martinez.
The declining revenues associated with the halving event have prompted miners to transfer their coins to exchanges and over-the-counter (OTC) desks for sale. With reduced transaction fees and high network hashrates, miner revenues have continued to decrease over the past few months. CryptoQuant’s latest weekly report suggests that sustained low revenues and high hashrate may indicate a potential market bottom, hinting at possible stabilization or upward movement in the Bitcoin market.
In addition to miners, Bitcoin whales (holders with between 1,000 and 10,000 BTC) have also been offloading significant 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, further contributing to the selling pressure in the market.
Despite the selling pressure from miners and whales, Bitcoin’s price is showing signs of recovery after falling to $65,000. As of the latest data, Bitcoin is valued at $66,266, reflecting a 0.7% decline in the past 24 hours. This slight recovery indicates that the market may be stabilizing and preparing for potential upward movement in the near future.
The recent selling activity by Bitcoin miners and whales has had a notable impact on the price of the premier cryptocurrency. While the market has experienced a decline in value, the observations from on-chain data suggest that this could potentially lead to a stabilization or even an upward movement in the Bitcoin market. Investors and traders should continue to monitor the actions of miners and whales closely to gauge the future direction of the market.
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