Blockchain data analysis company CryptoQuant’s data shows that the Bitcoin reserves of cryptocurrency miners have reached the lowest point since May this year, indicating that selling pressure on Bitcoin will continue to intensify, and the price of the currency may also decline.
(Bitcoin may fall back to 32,000 pounds for passing the spot ETF! CryptoQuant: Investors and miners profit-taking)
(Buying Bitcoin mining companies is more profitable! Marathon Digital’s stock price has risen 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 declined and reached a low of $41,300 around 6 a.m. today, marking a new low in nearly ten days.
However, there has been some rebound before the deadline. At the time of the deadline, it was reported at $42,180, a 0.39% decrease in the past 24 hours.
(Image: Bitcoin spot price | Source: Binance)
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 been transferring Bitcoin to exchanges for sale since the end of October. Currently, the Bitcoin reserves of miners have reached the lowest point since May this year, dropping to 1.832 million coins.
(Image)
Sale of 3,000 Bitcoins in a single day
According to Twitter user AliCharts, Bitcoin miners have sold 3,000 BTC, equivalent to $129 million, between the 28th and 29th of this month:
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.
(Image)
Related Reports
Bitcoin spot ETF “amendment application” nearing deadline! Ark and 21Shares have not yet indicated underwriters
23-year-old buys $6 million Bitcoin mining farm in the United States, revealing the capital outflow trend of Chinese second-generation wealthy
Celsius transforms into mining Bitcoin to “pay off debt”! Court approves the launch of mining companies, with an initial capital of 225 million pounds
Tags:
BTC
CryptoQuant
Price of currency
Mining
Bitcoin
Miners
Selling pressure