Bitcoin Miners Are Emptying Reserves Amid Massive Crypto Liquidations
Bitcoin miners recorded their highest reserve sales in late March 2024 amid falling crypto prices and rising liquidations. Bitcoin miners hold or sell reserves depending on prevailing sentiment, making it a factor in market trends. At the time of writing, outflows continue to be seen in the crypto market as many assets lose value ahead of the Federal Open Markets Committee (FOMC) meeting.
Bitcoin Miners Sold 1200 BTC
Bitcoin miners sold 1,200 assets on June 10, the largest number since late March. According to crypto analysis firm CryptoQuant, miners continued to outflow as major firms reduced some of their reserves.
This year, Bitcoin miners have repositioned reserves according to market trends. The Bitcoin halving, which saw an initial sell-off before a subsequent hold, is a notable example. crypto market Liquidations reached over $100 billion in assets as market capitalization fell. Although macroeconomic factors may play a role in dampening sentiment, many market analysts expect a positive turn.
According to this QCP Market Analysts predict that bullish events continue on the horizon and market sentiment will increase. “Despite the short-term negativities, we think this could be a good opportunity to accumulate coins. Bullish events are on the horizon, such as the launch of the ETH spot ETF with Biden and Trump in a verbal arms race to win the crypto vote.”
Against market crash
Bitcoin, altcoins and meme tokens have seen outflows in the last seven days. As daily figures fall further into the red zone, some crypto assets are now recording double-digit losses. Ethereum is trading at $3,439, down 10% in the last seven days and 6% in 24 hours. Assets have fallen from short-term highs above $3,700 amid Ethereum ETF anticipation. BNB and solana recorded weekly outflows of 10.36% and 13.6%, while daily numbers stood at 7% and 9% respectively.
So read: Ledgible Launches Tax Reporting for Tokenized Real World Assets
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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