The recent on-chain data regarding Bitcoin has shown a significant amount of selling pressure, resulting in a decline of nearly 5% in the past week. This downward pressure has been attributed to Bitcoin miners actively participating in the open market by offloading more than 1,200 BTC in a single day. With the selling of around $80 million worth of assets, miners have played a crucial role in the premier cryptocurrency’s recent correction to $65,000. The declining revenues following the halving event have prompted miners to transfer their coins to exchanges and over-the-counter (OTC) desks for sale.
Whales Offloading Significant Amounts of BTC
In addition to miners, Bitcoin whales have also been contributing to the recent selling pressure. According to data from Santiment, whales have sold 50,000 BTC (approximately $3.3 billion) in the past 10 days. These whales, known as holders of between 1,000 and 10,000 BTC, have been adding to the downward pressure on the premier cryptocurrency. However, despite the significant selling pressure from both miners and whales, Bitcoin is beginning to show signs of recovery, with a current value of $66,266 reflecting a 0.7% decline in the past 24 hours.
Market Stabilization and Potential for Upward Movement
The increased selling activity by miners and whales has led to a decline in Bitcoin’s price to as low as $65,000 in recent days. However, historical patterns suggest that sustained low revenues and high hashrates could imply a potential market bottom. This could mean that the Bitcoin market is stabilizing and potentially preparing for an upward movement in the near future. As the premier cryptocurrency continues to fluctuate in price, it will be interesting to observe how miners and whales contribute to the overall market dynamics and whether their actions will have a lasting impact on Bitcoin’s price trajectory.
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