Bitcoin Miners Offload 10,600 BTC, Valued at $455.8 Million
The world’s largest cryptocurrency, Bitcoin, is currently experiencing a significant selloff as miners sell off a massive amount of BTC. According to crypto market expert Ali Martinez, Bitcoin miners have sold 10,600 BTC in the last 24 hours, which is worth over $455.8 million at current market prices.
Bitcoin Miners Actively Selling Their BTC Hoards
Popular on-chain analytics firm CryptoQuant has also confirmed that Bitcoin miners are actively selling their BTC holdings. The platform reports a 130.45% surge in crypto exchange netflow total over the last seven-day average. However, there is also a decline in exchange Bitcoin reserves, suggesting a slowdown in selling pressure as more investors move their assets off exchanges.
Bitcoin’s Recent Cycles and Current Price Support
In recent months, Bitcoin has gone through various cycles. It reached over $45,000 after reports of a spot Bitcoin ETF by the SEC but encountered a trend reversal. At present, Bitcoin is finding support within the $41,000 and $43,000 range, although a downtrend is still possible. Despite this, the cryptocurrency maintains positive momentum due to factors like the upcoming halving event and the historic approval of a spot Bitcoin ETF.
Bitcoin Network Shows Strong Demand and Overflooded Memory Pool
Despite miner selloffs, the Bitcoin network continues to demonstrate strong demand and an overflooded memory pool. The mempool is currently at full capacity with double the amount of data awaiting confirmation compared to its previous all-time high. This unusual occurrence is attributed to the Bitcoin Ordinals inscriptions service. However, it’s important to note that the Bitcoin Ordinals are not yet operating at full capacity, indicating organic growth in the network.
Hot Take: Bitcoin Miners Sell Off Amidst Crypto Renaissance
The recent selloff of 10,600 BTC by Bitcoin miners has caused some concern in the market. However, it’s important to remember that the cryptocurrency landscape is constantly evolving and experiencing ups and downs. Despite this temporary setback, Bitcoin continues to show resilience and positive momentum. With upcoming events like the halving and the approval of a spot Bitcoin ETF, there is still significant potential for growth and adoption in the crypto space. The current selloff can be seen as a part of the larger crypto renaissance, where cryptocurrencies are becoming more integrated into traditional financial systems.
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