Bitcoin Miners Sell Off Assets, Anticipating Price Drop
Bitcoin Miners Selling Their Assets: What Signals Does This Send Out?
Recent data shows that Bitcoin miners are selling their assets to an extent not seen in the last six months. This could be a sign that miners no longer believe in the strength of Bitcoin and are expecting a price drop.
Miner Outflow Reaches a New High
In the past, Bitcoin miners have increased their holdings, expecting the price of the coin to rise. However, this changed after the approval of spot ETFs, when the price of Bitcoin underwent a massive correction. Since then, miners have started selling their holdings, which could further depress the price of Bitcoin in the coming days.
According to the latest data, miner outflow has reached a six-year high, with over $1 billion in BTC being sent to exchanges in the recent past. This suggests that miners no longer believe in BTC and are expecting a price drop.
Are the Miners Selling?
An analysis of data from Glassnode shows that the balance of BTC miners experienced a sharp drop on January 12th. However, the metric picked up momentum towards the end of the press time, suggesting that miners have begun to accumulate more.
Despite the slight increase in their accumulation, miners’ profits have dropped. This is evident as after a surge, the revenues of BTC miners began to decline from January 11th. This decline in revenues could lead to further sell-off, which could negatively impact the price of BTC in the coming days.
What to Expect from BTC?
Due to the decline in revenues, it is highly likely that miners will sell BTC. It is important to note that the broader market has already started selling Bitcoin. A look at the data from CryptoQuant shows that the BTC exchange reserve is increasing, meaning that the selling pressure on the coin is increasing as of writing time.
According to CoinMarketCap, the daily price chart of BTC remained red at the time of writing. The king coin was trading at $42,629.41 at this time, with a market capitalization of over $835 billion. When Bitcoin will recover from this price drop will be interesting to watch.
Sources: Glassnode, CryptoQuant, CoinMarketCap
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