After the SEC lawsuit, Bitcoin and altcoins experienced great selling pressure and sharp declines were seen.
After these decreases, while BTC and altcoins recovered a little, a new report came from Glassnode.
Stating that Bitcoin miners have recently entered BTC at high rates, Glassnode said that this shows that miners may be selling at a historical rate recently.
Stating that on-chain data shows that miner exchange entries have reached a peak value of $ 70 million recently, Glassnode said that this could bring a downward movement for the BTC price.
“Over the past week, Bitcoin miners have been sending significant amounts of coins to exchanges and these inflows have reached a recent all-time high of $70.8 million.
This figure was the 3rd largest entry recorded since 2021. But it's still $30.2 million less than the $101 million peak entry recorded during the bull market of 2021.
Generally, miners invest their BTC on exchanges when they are going to sell it. Therefore, the increase in miner stock market entries may have a downward effect on the price of Bitcoin.”
Glassnode added that the increase in these entries further widens BTC's decline.
Glassnode concluded, “Naturally, Bitcoin miners selling at such a high rate lately could be bad news for the market. However, it is unclear whether miners will continue to sell more BTC in the near future.” said.
Across the past week, #Bitcoin Miners have been sending a significant amount of coins to Exchanges, with the largest inflow equal to $70.8M.
This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021. pic.twitter.com/w4fNFMcxr4
— glassnode (@glassnode) June 11, 2023
Bitcoin, which fell to $ 25,350, continues to be traded at $ 25,915 at the time of writing.
*Not investment advice.
