Blockchain data analysis company CryptoQuant data shows that the Bitcoin reserves of cryptocurrency miners have dropped to the lowest point since May this year, indicating that the selling pressure on Bitcoin will continue to intensify, and the price of the currency may also decline.
(Bitcoin may decline if the spot ETF is approved! CryptoQuant: BTC may retest $32,000, investors and miners profit-taking)
(Supplementary background:
Buying Bitcoin mining companies is more profitable! Marathon Digital’s stock price has risen by 800% this year, with trading volume surpassing Tesla and Apple..)
After reaching a high point of $43,100 last night, the price of Bitcoin quickly started to decline and hit a new low in nearly ten days at around 6 am today, reaching $41,300. However, there has been a slight rebound before the deadline, with the price at $42,180, a 0.39% decrease in the past 24 hours.
The continuous selling of BTC by miners causing the decline?
As for the reason for the decline, some people believe it is related to the high selling by miners. According to data from blockchain data analysis company CryptoQuant, miners have started moving Bitcoin to exchanges for sale since the end of October. Currently, the Bitcoin reserves of miners have dropped to the lowest point since May this year, down to 1.832 million coins.
Selling 3,000 Bitcoins in a day
According to Twitter user AliCharts, Bitcoin miners have sold 3,000 BTC, equivalent to $129 million, between the 28th and 29th.
Recently, the net outflow of Bitcoin reserves by miners has exceeded the output of Bitcoin during the same period. If this situation continues, the selling pressure on Bitcoin may continue to intensify, and the price of the currency may also decline. This is worth our continuous attention.
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Tags:
BTC
CryptoQuant
Price of the currency
Mining
Bitcoin
Miners
Selling pressure