- Data showed major Bitcoin whales sold at an average of $40.5K.
- Large amount of BTC moved to OTC desks in response to a Bitcoin ETF approval, signaling miners’ caution.
Even though the price of Bitcoin [BTC] has risen to higher levels, new data suggested that whales did not secure the most favorable deals for their Bitcoin.
Whales miss out
According to recent data, the average price at which big Bitcoin whales who’ve been actively trading in the last month sold their BTC is $40.5K.
This group consist of whales whose latest transaction occurred within the last 30 days, holds over 100 BTC, and have a wallet unlinked to centralized exchanges.
This indicates missed profit opportunities. Their actions might contribute to short-term downward pressure.
The realization that active whales didn’t maximize their profits might influence market sentiment. Traders may interpret this as a sign that even large holders aren’t confident in a sustained bullish trend.
What are miners up to?
In the last three weeks, 700,000 Bitcoin has been transferred to Over-The-Counter (OTC) desks, which are platforms favored by miners. This movement coincided with the approval of a spot Bitcoin Exchange-Traded Fund (ETF).
OTC desks are places where large Bitcoin transactions happen directly between parties, often used by miners and big investors for substantial trades.
This significant transfer of Bitcoin to OTC desks could indicate strategic actions by miners in response to the approval of a Bitcoin ETF.
The cautious approach of miners in utilizing OTC desks could also signal concerns about market conditions, potentially influencing broader investor sentiment and contributing to a more uncertain price trajectory.
Additionally, such significant movements away from traditional exchanges may limit the immediate visibility of these transactions in public markets, potentially leading to increased price volatility and unpredictability.
Moreover, daily miner revenue declined. Declining revenues could increase selling pressure on Bitcoin as miners will be forced to sell their BTC to keep up with mining costs.
Source: Blockchain.com
Read Bitcoin’s [BTC] Price Prediction 2024-2025
Additionally, as the date for the halving inches closer, the potential of fee generation for miners declines further which could impact the price of BTC negatively as well.
At press time, BTC was trading at $51,847.69 as its price declined by 0.26% in the last 24 hours.
Source: Santiment
- Data showed major Bitcoin whales sold at an average of $40.5K.
- Large amount of BTC moved to OTC desks in response to a Bitcoin ETF approval, signaling miners’ caution.
Even though the price of Bitcoin [BTC] has risen to higher levels, new data suggested that whales did not secure the most favorable deals for their Bitcoin.
Whales miss out
According to recent data, the average price at which big Bitcoin whales who’ve been actively trading in the last month sold their BTC is $40.5K.
This group consist of whales whose latest transaction occurred within the last 30 days, holds over 100 BTC, and have a wallet unlinked to centralized exchanges.
This indicates missed profit opportunities. Their actions might contribute to short-term downward pressure.
The realization that active whales didn’t maximize their profits might influence market sentiment. Traders may interpret this as a sign that even large holders aren’t confident in a sustained bullish trend.
What are miners up to?
In the last three weeks, 700,000 Bitcoin has been transferred to Over-The-Counter (OTC) desks, which are platforms favored by miners. This movement coincided with the approval of a spot Bitcoin Exchange-Traded Fund (ETF).
OTC desks are places where large Bitcoin transactions happen directly between parties, often used by miners and big investors for substantial trades.
This significant transfer of Bitcoin to OTC desks could indicate strategic actions by miners in response to the approval of a Bitcoin ETF.
The cautious approach of miners in utilizing OTC desks could also signal concerns about market conditions, potentially influencing broader investor sentiment and contributing to a more uncertain price trajectory.
Additionally, such significant movements away from traditional exchanges may limit the immediate visibility of these transactions in public markets, potentially leading to increased price volatility and unpredictability.
Moreover, daily miner revenue declined. Declining revenues could increase selling pressure on Bitcoin as miners will be forced to sell their BTC to keep up with mining costs.
Source: Blockchain.com
Read Bitcoin’s [BTC] Price Prediction 2024-2025
Additionally, as the date for the halving inches closer, the potential of fee generation for miners declines further which could impact the price of BTC negatively as well.
At press time, BTC was trading at $51,847.69 as its price declined by 0.26% in the last 24 hours.
Source: Santiment
Hi-ya! coininsights.com
Did you know that it is possible to send business proposals wholly legitimate? We suggest a legal way of sending appeals through contact forms.
Contact Form messages are usually not sent to spam, since they are viewed as important.
We are inviting you to take advantage of our service without any charge.
We can transmit up to 50,000 messages on your behalf.
The cost of sending one million messages is $59.
This offer is automatically generated.
We only use chat for communication.
Contact us.
Telegram – https://t.me/FeedbackFormEU
Skype live:contactform_18
where can i get generic clomiphene without prescription cost cheap clomid pills cost of generic clomiphene prices buying clomid clomid prescription cost buying clomiphene without prescription clomid prices in south africa
More articles like this would pretence of the blogosphere richer.
Proof blog you have here.. It’s severely to assign strong calibre writing like yours these days. I justifiably comprehend individuals like you! Go through vigilance!!
zithromax 250mg tablet – metronidazole 400mg cheap order flagyl 400mg sale
purchase semaglutide online – periactin 4 mg pill periactin online
domperidone 10mg cost – generic domperidone 10mg flexeril 15mg oral
azithromycin 500mg for sale – purchase azithromycin order bystolic sale
purchase amoxiclav – atbioinfo how to buy ampicillin
nexium capsules – anexamate esomeprazole canada
buy generic coumadin 5mg – https://coumamide.com/ hyzaar without prescription
buy mobic generic – mobo sin mobic usa
prednisone 20mg cost – aprep lson prednisone sale
medications for ed – fastedtotake best over the counter ed pills
buy amoxil no prescription – amoxil order purchase amoxil sale
buy diflucan 100mg generic – where can i buy fluconazole fluconazole 100mg generic
cenforce pill – on this site cenforce 100mg ca