Bitcoin Miners Sell $2 Billion Worth of BTC Since June, Recovery Predicted by Analytics Firm
An analytics firm called IntoTheBlock has recently published a report stating that Bitcoin miners have sold over 30,000 BTC (equivalent to around $2 billion) since June. This rate of sales is the fastest observed in over a year, and analysts believe that the recent halving event may have prompted this sell-off due to the potential decrease in profits.
Bitcoin miners are currently facing significant pressure, as they are struggling to cover their costs after the halving event. This has led to a decrease in miner BTC holdings, with the lowest level seen in the last 14 years. Since the beginning of the year, total reserves have decreased by 50,000.
Adding to the uneasiness in the market is the emergence of a new large supply pool. It has been reported that the German government has sold approximately 3,000 BTC in recent days, and an additional 47,000 BTC is expected to be sold.
Despite the current market conditions, there are signs of a bullish outlook towards the end of the year. QCP Capital, a trading desk, has observed large sales of call options for short-term maturities and aggressive purchases of call options from September to December. This suggests that the market is anticipating a consolidation period during the summer, followed by a significant movement towards the US elections.
It’s important to note that this article does not provide investment advice. However, for those interested in investing in cryptocurrencies, Binance exchange offers a 20% commission discount on registration.
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