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Has the Sales Pressure on Bitcoin Subsided? Amidst a notable decrease in data, could a surge be on the horizon? Insights from CryptoQuant Revealed!
According to CryptoQuant, on-chain data indicates a significant downturn in the selling of Bitcoins by miners, peaking in early June.
By:
Elif Azra Güven
June 28, 2024 – 11:31
Last Updated:
11 hours ago
0
Bitcoin, the primary cryptocurrency, witnessed substantial impact due to miners’ sales, alongside disposals by the US and German administrations.
Following the halving, miners experienced diminished profits, leading them to offload BTC to sustain their operations, thereby influencing prices.
Nonetheless, CryptoQuant’s analysis revealed a noteworthy drop in on-chain sales by miners, reaching its peak in early June.
This decline signals a reduction in selling pressure on Bitcoin, paving the way for positive market sentiments.
“One of the contributing factors to the recent cryptocurrency market downturn has been miners.
Post Bitcoin halving, mining activities dwindled, prompting miners to vend Bitcoin through OTC trades to cover operational expenses.
However, recent data indicates a rapid decline in the outflow of Bitcoins from miners’ wallets.
In essence, the sell-off pressure from miners is waning.
Should the market effectively absorb the totality of miners’ sales, it could set the stage for a resumption of bullish trends.
“We anticipate favorable movements in the cryptocurrency market during the third quarter of 2024.”
$BTC
– Reduction in miners’ selling pressure
“The weakening selling pressure from miners, coupled with the absorption of their sales, could reignite an upward trend.” – By
@DanCoinInvestor
Find out more
https://t.co/X4J2brhuQu
pic.twitter.com/5dI0vB2HgE
— CryptoQuant.com (@cryptoquant_com)
June 28, 2024
*This does not constitute investment advice.
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