3 Reasons Why Bitcoin (BTC) Dumped by $4K Daily, But the Worst Could Be Over
The post 3 Reasons Why Bitcoin (BTC) Dumped by $4K Daily, But the Worst Could Be Over appeared on BitcoinEthereumNews.com.
It was somewhat inevitable that bitcoin will eventually retrace after it skyrocketed by more than $25,000 in about a week to tap a fresh all-time high of $93,800 on Wednesday. Here are some of the potential reasons why the asset tumbled from $92,000 on Thursday to under $87,000 on Friday morning. Bitcoin/Price/Chart 15.11.2024. Source: TradingView Miners, Whales Selling The first most probable reason is actually two-fold and is related to sell-offs by some of the most important pieces of the BTC puzzle. Data from Lookonchain shows that whales have deposited large amounts of bitcoin to centralized exchanges in the past few days, likely to realize some profits after the mindblowing rally propelled by Donald Trump’s victory in the 24 US presidential elections. A whale deposited 1,920 $BTC($169M) to #Binance 1 hour ago. The whale has deposited a total of 4,060 $BTC($361M) to #Binance in the past 3 days.https://t.co/8D2y9MbfFn pic.twitter.com/6NlWDPKoVx — Lookonchain (@lookonchain) November 15, 2024 The second part of the sales reasoning comes from miners. CryptoPotato reported earlier this week that some miners had started to dispose of their BTC but it wasn’t all that worysome at the time. However, more recent data from CryptoQuant indicated that they have continued to do so. In fact, even a Satoshi-era miner started moving bitcoins mined nearly 15 years ago, with some of them sent to exchanges for possibly the same reason as the whale above. Miners continue to sell.This time a miner from the Satoshi era moved 2K Bitcoin. The coins were mined in 2010 and had never moved.Some of these Bitcoin ended up on exchanges. pic.twitter.com/I1Tlnq4FoY — Julio Moreno (@jjcmoreno) November 15, 2024 ETF Outflows After it became known that Trump will be the next US president, investors started pouring substantial amounts into the spot Bitcoin ETFs. Almost $5 billion entered…
Filed under: News - @ November 15, 2024 11:27 am