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2024 kicked off with a tumultuous journey for Bitcoin, marked by the introduction of new spot ETFs on US markets. Bitcoin’s entry into traditional finance represents a historic move, but miners seem to be selling off their holdings.
This development is especially significant in light of the recent fluctuations in Bitcoin’s price.
- According to the latest CryptoQuant data cited by popular analyst Ali Martinez, Bitcoin miners are currently engaged in selling their holdings.
- There has been a significant uptick in the selling activities of miners, with approximately 10,600 BTC, equivalent to around $455.8 million, being offloaded earlier this week within a 24-hour period.
- The increased selling activity of Bitcoin miners may have significant repercussions for the market. Their activities could exert additional pressure on the price direction, potentially leading to a selling spree.
#Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by miners. In just the last 24 hours, they’ve offloaded nearly 10,600 , valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N
— Ali (@ali_charts) January 17, 2024
- Two days before the launch of spot Bitcoin ETFs, Bitcoin miners offloaded approximately 50,000 BTC, worth around $2.3 billion, to crypto exchanges, pushing miner outflow to a 77-month high.
- On January 11, the day when the instruments started trading, Bitcoin experienced an increase, reaching $49,000. However, three days later, it dropped to a low of $41,750 on January 14. The asset has since stabilized below the $43,000 range, currently being traded at $42,615, reflecting a 0.7% decline for the day.
- Following the ETF debut and the subsequent price decline, investors are now anticipating the next potential bullish trigger – the upcoming halving slated for April this year.
