Bitcoin Miners Sell $2 Billion Worth of BTC Since June: Analytics Firm Reveals Recovery Timing
In a recent report, analytics firm IntoTheBlock disclosed that Bitcoin miners have sold over 30,000 BTC (approximately $2 billion) since June. This selling rate represents the fastest observed in more than a year. Analysts believe that the recent halving event is the catalyst for this sell-off, as it has potentially reduced profits.
QCP Capital highlighted the current pressure faced by Bitcoin miners. The post-halving costs have pushed miners to their breakeven prices, causing significant strain. As a result, miner BTC holdings have reached their lowest level in the past 14 years, with total reserves decreasing by 50,000 since the start of the year.
Adding to market concerns is the emergence of a new large supply pool. Reports suggest that the German government has recently sold around 3,000 BTC, and an additional 47,000 BTC is expected to be sold.
Despite the current market conditions, QCP predicts a bullish outlook for the end of the year based on market volatility. The QCP Capital trading desk has observed significant sales of call options with maturities under one month, along with aggressive purchases of call options from September to December. This suggests that the market is anticipating a consolidation period during the summer, followed by a substantial movement leading up to the US elections.
Please note that this article does not provide investment advice.
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