NewsletterBitcoin Miners Offload Reserves Amid Massive Crypto Liquidations
Highlights
- BTC miners sold 1,200 coins on June 10 as crypto liquidations continue.
- Miners' reserves holdings remain a metric for determining market sentiments.
- Despite outflows, several crypto analysts point to bullish events ahead.
Bitcoin miners recorded the highest reserve sale in late March 2024 amid plunging crypto prices and heightening liquidations. Bitcoin miners hold or sell reserves depending on the prevailing sentiment making it a factor in market trends. At press time, the crypto market continues to see outflows as several assets plunge ahead of the Federal Open Markets Committee (FOMC) meeting.
Bitcoin Miners Sell 1200 BTC
Bitcoin miners sold 1,200 assets on June 10 marking the largest number since late March. According to crypto analytics firm CryptoQuant, miners continued outflows with large firms reducing a portion of their reserves.
“Sings of #Bitcoin miner capitulation: yesterday we saw the largest daily miner selling volume since late March: 1,200 Bitcoin. Some big mining companies have been selling a portion of their reserves. These are Bitcoin being sold OTC, not in exchanges.”
This year, Bitcoin miners have repositioned reserves along with market trends. The Bitcoin halving which saw an initial sale before a subsequent hold is a notable example. The crypto market liquidations hit over $100 billion in assets as the market cap declined. While macroeconomic factors play a part in the reduced sentiments, several market analysts look toward a positive flip.
According to QCP Market analysts, bullish events remain on the horizon, projecting a drive in market sentiments. “Despite short-term headwinds, we think this might be a good opportunity to accumulate coin. Bullish events on the horizon such as the eventual ETH spot ETF going live along with Biden and Trump in a verbal armsrace to win the crypto vote.”
Wider Market Crash
Bitcoin, altcoin and meme tokens saw outflows in the last seven days. As daily numbers plunged further into the red zone, several crypto assets now post double-digit losses. Ethereum trades at $3,439, falling 10% in the last seven days and 6% in 24 hours. The assets fell from its short-term highs above $3,700 amid spot Ethereum ETF anticipation. BNB and Solana recorded 10.36% and 13.6% weekly exits while daily numbers stood at 7% and 9% respectively.
Also Read: Ledgible Launches Tax Reporting for Tokenized Real-World Assets
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- OCC Confirms That Banks Can Facilitate No-Risk Crypto Transactions
- Bitcoin, Ethereum, XRP, Solana Rally Ahead of Fed Rate-Cut Decision
- Bitwise Multi-Crypto ETF Featuring Bitcoin, Ethereum, XRP, Solana, Cardano Goes Live
- Standard Chartered Lowers Bitcoin Year-End Target to $100K Amid Crypto Sell-Off
- Breaking: USDC Issuer Circle Taps Into Privacy Trend with USDCx Launch on Aleo
- HYPE Price Drops 7% as $2.2M Shift and 10M Token Unlocks Stir Fear — What’s Next?
- Ethereum Price Breaks $3,390: What’s Driving 10% Surge?
- Shiba Inu Price Surges as Whale Transfers Hit Highest Levels Since June
- Bitcoin Price Alarming Patterns Point to a Dive to $80k After FOMC Decision
- Pi Network Price Could Surge to 15%, But Watch Out for This
- Cardano Price Prediction – Analyst Eyes 56% Rally as Taker Buy Dominance Strengthens
