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Home Bitcoin

Bitcoin miners sell BTC worth $83M – Price to fall below $67k now?

June 12, 2024
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Bitcoin miners sell BTC worth $83M – Price to fall below $67k now?
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  • Bitcoin miners sold over $83 million in BTC recently.
  • BTC has dropped to the $67,000 price level.

Bitcoin [BTC] has experienced declines over the past few days, with the most notable drop occurring on 11th June. In response to this decline, miners have been selling off their holdings to take some profits.

However, these sales are not being reflected on the exchanges. Despite these circumstances, the open interest continues to maintain a respectable volume.

OTC sales deplete the Bitcoin miner reserve

An analysis of key Bitcoin miner metrics revealed a decline in miner holdings. The miner reserve, while maintaining a volume of around 1.8 million, has experienced slight declines.

However, tracking the miner outflow showed a decrease, indicating that the volume being sent to exchanges from miner wallets has declined.

The metrics may be confusing at first because the flow of BTC from miner wallets is not visible, yet the reserve has seen declines.

However, the situation becomes clearer when analyzing Over the Counter (OTC) sales. 

Bitcoin miner OTC sales

Source: CryptoQuant

An analysis of BTC Miner OTC sales revealed that some major mining companies have been selling off their holdings. According to a chart on CryptoQuant, there was recently the largest OTC sale since late March, with around 1,200 BTC sold. 

This is a sign of miner capitulation, indicating that miners are selling their BTC holdings, potentially due to financial pressures or to lock in profits amidst market declines.

These types of transactions do not immediately impact exchange volumes but still reduce the overall reserve.

How has BTC trended amidst sell-offs

An analysis of Bitcoin on a daily time frame chart showed a negative trend over the last seven days. AMBCrypto’s analysis of its price trend indicated that between the 6th and 7th of June, Bitcoin’s price dropped from the $70,000 range to around $68,000.

See also  Could Bitcoin hit $180K by 2025? VanEck thinks so and here’s why

However, BTC saw another major decline on 11th June, taking its price lower. Analysis of the chart showed that it declined by over 3%, bringing its price down to the $67,000 range.

At this rate, Bitcoin was moving dangerously close to its short moving average (yellow line), which has served as support at around the $65,000 price range.

Bitcoin price trend

Source: TradingView

As of this writing, BTC was trading at around $67,400, with a slight attempt at an uptrend.

Analysis of its Relative Strength Index (RSI) showed that it is now below the neutral line, with the RSI at around 47. This indicates that BTC is currently in a bear trend.

Bitcoin still getting lots of interests

An analysis of another key metric revealed that despite the miner sell-off and the price decline, Bitcoin continues to see a high volume of interest.

This suggests that, even in a bear trend, there remains significant engagement and potential optimism in the market.

A look at the Open Interest chart from Coinglass showed it was around $34 billion as of this writing.

Analysis of the chart indicated that its all-time high (ATH) was around $39 billion, a level achieved in March when the BTC price was over $70,000.

This suggests that cash inflow has not stopped, and many traders are buying in due to the price drop. 

Bitcoin Open Interest

Source: Coinglass


Read Bitcoin (BTC) Price Prediction 2024-2025


Additionally, comparing the current open interest (OI) to its all-time high (ATH) shows that there has been no significant loss of positive sentiment around the price of BTC.

Despite the recent declines, traders remain engaged and optimistic about Bitcoin’s potential.

 

Next: As Bitcoin aims for 100K, what about the ‘mega altseason’ hype?

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  • Bitcoin miners sold over $83 million in BTC recently.
  • BTC has dropped to the $67,000 price level.

Bitcoin [BTC] has experienced declines over the past few days, with the most notable drop occurring on 11th June. In response to this decline, miners have been selling off their holdings to take some profits.

See also  Bitcoin: How 'new money' helped BTC hit its 2021 highs again

However, these sales are not being reflected on the exchanges. Despite these circumstances, the open interest continues to maintain a respectable volume.

OTC sales deplete the Bitcoin miner reserve

An analysis of key Bitcoin miner metrics revealed a decline in miner holdings. The miner reserve, while maintaining a volume of around 1.8 million, has experienced slight declines.

However, tracking the miner outflow showed a decrease, indicating that the volume being sent to exchanges from miner wallets has declined.

The metrics may be confusing at first because the flow of BTC from miner wallets is not visible, yet the reserve has seen declines.

However, the situation becomes clearer when analyzing Over the Counter (OTC) sales. 

Bitcoin miner OTC sales

Source: CryptoQuant

An analysis of BTC Miner OTC sales revealed that some major mining companies have been selling off their holdings. According to a chart on CryptoQuant, there was recently the largest OTC sale since late March, with around 1,200 BTC sold. 

This is a sign of miner capitulation, indicating that miners are selling their BTC holdings, potentially due to financial pressures or to lock in profits amidst market declines.

These types of transactions do not immediately impact exchange volumes but still reduce the overall reserve.

How has BTC trended amidst sell-offs

An analysis of Bitcoin on a daily time frame chart showed a negative trend over the last seven days. AMBCrypto’s analysis of its price trend indicated that between the 6th and 7th of June, Bitcoin’s price dropped from the $70,000 range to around $68,000.

However, BTC saw another major decline on 11th June, taking its price lower. Analysis of the chart showed that it declined by over 3%, bringing its price down to the $67,000 range.

See also  Bitcoin will ‘explode’ when the Fed pivots, says Robert Kiyosaki

At this rate, Bitcoin was moving dangerously close to its short moving average (yellow line), which has served as support at around the $65,000 price range.

Bitcoin price trend

Source: TradingView

As of this writing, BTC was trading at around $67,400, with a slight attempt at an uptrend.

Analysis of its Relative Strength Index (RSI) showed that it is now below the neutral line, with the RSI at around 47. This indicates that BTC is currently in a bear trend.

Bitcoin still getting lots of interests

An analysis of another key metric revealed that despite the miner sell-off and the price decline, Bitcoin continues to see a high volume of interest.

This suggests that, even in a bear trend, there remains significant engagement and potential optimism in the market.

A look at the Open Interest chart from Coinglass showed it was around $34 billion as of this writing.

Analysis of the chart indicated that its all-time high (ATH) was around $39 billion, a level achieved in March when the BTC price was over $70,000.

This suggests that cash inflow has not stopped, and many traders are buying in due to the price drop. 

Bitcoin Open Interest

Source: Coinglass


Read Bitcoin (BTC) Price Prediction 2024-2025


Additionally, comparing the current open interest (OI) to its all-time high (ATH) shows that there has been no significant loss of positive sentiment around the price of BTC.

Despite the recent declines, traders remain engaged and optimistic about Bitcoin’s potential.

 

Next: As Bitcoin aims for 100K, what about the ‘mega altseason’ hype?
Tags: 67K83MBitcoinBTCFallMinersPriceSellWorth

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

Bitcoin records two outflows from Coinbase in a week: What’s going on?

Bitcoin records two outflows from Coinbase in a week: What’s going on?

April 3, 2024
Hut 8 Unveils BTC-Funded 62 MW Texas Facility for Mining Efficiency Boost

Hut 8 Unveils BTC-Funded 62 MW Texas Facility for Mining Efficiency Boost

February 27, 2024
EV Markets Expected to Reach Saturation, Will Blockchain Also Take a Hit?

EV Markets Expected to Reach Saturation, Will Blockchain Also Take a Hit?

February 2, 2024
Why SHIB’s current status may have links to Shibarium

Why SHIB’s current status may have links to Shibarium

January 8, 2024

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