The post Bitcoin miners sell BTC worth $83M – Price to fall below $67k now? appeared on BitcoinEthereumNews.com.

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.  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…

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Filed under: News - @ June 13, 2024 9:14 am