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Заголовок Selling Pressure From Bitcoin Miners is Decreasing, What Does This Mean?
Дата 20240702

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Selling Pressure From Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners is Decreasing, What Does This Mean?

Selling Pressure From Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miners is Decreasing, What Does This Mean?

Author: Mandy Williams

Last Updated Jul 2, 2024 @ 14:31

Despite the decline in miner selling pressure, other supply overhangs from
large-scale selling by long-term holders continue to influence the market.

Over the last few weeks, bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) has failed to benefit from a favorable
macroeconomic climate that has triggered significant rallies in equities.

Analysts attribute this to supply overhang stemming from prolonged selling by
BTC investors and miners. However, the tide may soon change as selling
pressure from Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin miners is decreasing.

According to the latest Bitfinex Alpha report , the volume of BTC transferred
from miners wallets has slumped significantly, suggesting potential
stabilization. Analysts said such a development is positive for
bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s price, and the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта may soon resume its upward
trend.

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Miner Selling Pressure Plummets

Since the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin halving in April, miner revenue has been slashed in half. As
older miner machines became economically inefficient due to higher operational
costs, miners have had to liquidate their Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holdings to stay afloat.
These entities have sold their assets through over-the-counter transactions
and in the open market to sustain their operations.

Although the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта appears to be adjusting to the increased sell-off,
the frequency and volume of bitcoins moving out of miners wallets have
declined. Once the market fully absorbs the selling volume, the chances of an
upward rally increase ; hence, the reduction in miner selling pressure is a
positive development.

Interestingly, market participants speculate that old miners
buying/selling patterns currently have no relevance to prices; however, recent
historical patterns say otherwise.

Bitfinex analysts identified similar miner sell-offs that impacted market
prices from May to September 2023 and December 2023 to January 2024. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
resumed its northward movement once the selling pressures diminished during
those periods.

With the hashrate drawdown reaching levels last seen at the 2022 bear
market lows, it would be a valid conclusion that we are past the peak of the
mining selling pressure for the time being, and a lot of the weaker miners
have already capitulated, the analysts added.

Near-term Outlook Still Vulnerable

Despite the decline in miner selling pressure, other supply overhangs from
large-scale selling by long-term holders continue to influence the market. The
German government has been on a selling spree in the past weeks, while coins
from the defunct crypto exchange Mt Gox have been moving .

Coupled with renewed profit-taking by other long-term Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin holders, German
law enforcement s offloading of BTC signals that the near-term outlook
is vulnerable and BTC could experience more volatility.

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Sees Selling Pressure From Miners and Long-term Holders Amid Drop to
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Tags: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Mining

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