The post Bitcoin Miners’ Two-Month Selling Streak Poses No Alarm Before ETF Decision! Here’s What To Expect appeared on BitcoinEthereumNews.com.

As Bitcoin struggles to break the $44,000 threshold, miners are showing signs of impatience, leading to a significant reduction in their reserves. Despite this, our analysis suggests that the continuous selling might not affect Bitcoin’s price due to the bullish sentiment surrounding the upcoming ETF decision. This sentiment is supported by several applicants who are confidently launching their commercials. Miner Reserve Touches 7-Month Low The reserves of Bitcoin held by miners have plummeted to their lowest level since May, after a series of withdrawals this week. This trend indicates increasing selling pressure as BTC price failed to break the $44K mark after recording a gain of nearly 12% in December. Miner reserves refer to the quantity of coins stored in wallets associated with miners. This number decreases when coins are transferred to exchanges, which often serves as an indication of potential upcoming sales. Data from CryptoQuant indicates that over the past two months, miners have been offloading their Bitcoin holdings following a price surge above $35K. This upward movement, coming after a bearish phase post-market crash, has lured miners to liquidate their assets. Starting from late October, miners initiated the process of balancing their accounts, leading to a gradual decrease in reserves that intensified this month. Currently, miners hold approximately 1.832 million BTC, a decline from the October peak of 1.844 million. As reported by Coinpedia, miners liquidated nearly 3000 BTC worth $129 million in the last 24 hours, plunging the reserves to May’s level.   Despite miners liquidating assets worth billions of dollars, the price of Bitcoin has remained relatively stable, consistently staying above the $40K mark. This stability is because of increased accumulation near price dips, supported by anticipation of the SEC’s decision on spot ETF applications in January. Furthermore, the surge in ETF advertising has strengthened buying confidence…

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Filed under: News - @ December 30, 2023 4:08 am