In the past week, Bitcoin has faced a significant amount of selling pressure, resulting in a nearly 5% decline in its value, according to CoinGecko. This decline led to Bitcoin reaching its lowest level in nearly a month, dropping to around the $65,000 mark on June 14th.
Recent data from crypto analyst Ali Martinez indicates 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 roughly $80 million. This increased selling activity by miners is believed to have contributed to Bitcoin’s correction to $65,000.
The decline in miner revenues following the halving event has prompted miners to transfer their coins to exchanges and OTC desks for sale. With reduced transaction fees and high network hashrates, miner revenues have been dwindling. Historical patterns suggest that this situation could potentially indicate a market bottom, signaling a stabilization or upward movement for Bitcoin.
Whales Offloading BTC
Apart from miners, Bitcoin whales – holders owning between 1,000 to 10,000 BTC – have also been selling significant amounts of BTC in recent days. Data from Santiment reveals that whales have sold 50,000 BTC, equivalent to about $3.3 billion, in the past 10 days. This selling pressure from whales has added to the overall bearish sentiment in the market.
Despite the recent selling pressure and decline in Bitcoin’s price to $65,000, there are signs of recovery as the cryptocurrency is currently valued at $66,266. This slight 0.7% decline in the past 24 hours indicates a possible stabilization in the market and a potential upward movement in the near future.
The recent selling pressure on Bitcoin from miners and whales has had a significant impact on the cryptocurrency’s price. However, with historical patterns suggesting a potential market bottom and signs of recovery, there is hope for a turnaround in Bitcoin’s price trajectory in the coming days. Investors and analysts will be closely monitoring the market for any further developments that could indicate a shift in sentiment towards bullish territory.