Bitcoin Miners Offload Reserves Amid Massive Crypto Liquidations
Bitcoin miners recorded the highest reserve sale in late March 2024 amid plunging crypto prices and heightening liquidations. Bitcoin miners hold or sell reserves depending on the prevailing sentiment making it a factor in market trends. At press time, the crypto market continues to see outflows as several assets plunge ahead of the Federal Open Markets Committee (FOMC) meeting.
Bitcoin Miners Sell 1200 BTC
Bitcoin miners sold 1,200 assets on June 10 marking the largest number since late March. According to crypto analytics firm CryptoQuant, miners continued outflows with large firms reducing a portion of their reserves.
“Sings of #Bitcoin miner capitulation: yesterday we saw the largest daily miner selling volume since late March: 1,200 Bitcoin. Some big mining companies have been selling a portion of their reserves. These are Bitcoin being sold OTC, not in exchanges.”
This year, Bitcoin miners have repositioned reserves along with market trends. The Bitcoin halving which saw an initial sale before a subsequent hold is a notable example. The crypto market liquidations hit over $100 billion in assets as the market cap declined. While macroeconomic factors play a part in the reduced sentiments, several market analysts look toward a positive flip.
According to QCP Market analysts, bullish events remain on the horizon, projecting a drive in market sentiments. “Despite short-term headwinds, we think this might be a good opportunity to accumulate coin. Bullish events on the horizon such as the eventual ETH spot ETF going live along with Biden and Trump in a verbal armsrace to win the crypto vote.”
Wider Market Crash
Bitcoin, altcoin and meme tokens saw outflows in the last seven days. As daily numbers plunged further into the red zone, several crypto assets now post double-digit losses. Ethereum trades at $3,439, falling 10% in the last seven days and 6% in 24 hours. The assets fell from its short-term highs above $3,700 amid spot Ethereum ETF anticipation. BNB and Solana recorded 10.36% and 13.6% weekly exits while daily numbers stood at 7% and 9% respectively.
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