As an experienced analyst, I believe that the recent selling pressure on Bitcoin is a result of both miners and whales offloading their assets. The data from CoinGecko and X platform indicate a significant decrease in Bitcoin’s value over the past week, with the price falling to its lowest level in nearly a month.
Over the last week, Bitcoin has experienced considerable selling activity based on recent on-chain reports. Consequently, this downward trend has significantly influenced the value of the leading cryptocurrency.
As a researcher examining current market trends, I’ve discovered that Bitcoin’s value has experienced a significant decrease of approximately 5% over the past week based on data from CoinGecko. On Friday, June 14th, the Bitcoin price took a downturn and dipped to roughly $65,000 – its lowest point in nearly a month.
Bitcoin Miners Offload Over 1,200 BTC In One Day
In a recent update on the X platform, cryptocurrency expert Ali Martinez disclosed that Bitcoin miners have been selling their bitcoins on the open market over the past few days. These mining entities have been reducing their own BTC reserves and cashing in their gains.
As a researcher studying the cryptocurrency market, I came across Martinez’s post where he highlighted that Bitcoin miners sold over 1,200 BTC (approximately $80 million) in a single day. Based on his analysis, this surge in selling from miners could have potentially contributed to the recent correction of Bitcoin’s price to around $65,000.
According to CryptoQuant’s recent weekly report, this observation on the blockchain aligns with their findings. The firm indicated that miners were moving their Bitcoins to exchanges and OTC desks for selling purposes, as Bitcoin’s price fluctuated between $69,000 and $71,000.
Based on CryptoQuant’s analysis, miners have been selling off their holdings due to decreased revenues in the wake of the halving event. Transactions fees have remained low and the network hashrates have stayed high, leading to a prolonged decline in miner earnings over the past few months.
Based on previous trends, as indicated by CryptoQuant, prolonged low Bitcoin revenue coupled with high hash rates might signal an approaching market minimum. Consequently, it’s possible that the Bitcoin market is starting to level off or preparing for a price rise.
Whales Join The Sell-Off, Dump 50,000 BTC
Recent on-chain analysis indicates that miners aren’t the sole contributors to the current market sell-off. In a different post on platform X, Martinez disclosed that major Bitcoin holders, referred to as “whales,” have been dumping substantial BTC quantities in the past few days.
According to Santiment’s statistics, approximately $3.3 billion worth of Bitcoin (around 50,000 coins) has been offloaded by investors holding between 1,000 and 10,000 BTC over the past ten days.
In the past day, Bitcoin’s price dipped down to as low as $65,000. However, it’s starting to bounce back now. Currently, the cryptocurrency is worth $66,266, representing a slight 0.7% decrease over the last 24 hours.
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2024-06-15 14:46