On-chain data showed that the sudden downfall in the trading price of Bitcoin is occurring due to a large amount of Bitcoin being sold by major Bitcoin miners.
The current trade price of Bitcoin is $64,402 & this trade price has been 4% down over the last 3 months. In the absence of a zero bull factor, the Bitcoin market went through big ups & downs in the last 3 months but thankfully didn’t face a very big crash.
A report by IntoTheBlock noted that Bitcoin miners sold over 30,000 BTC ($2 billion) since June, the fastest pace in over a year.
Report guessed that the recent Bitcoin halving event may have reduced profits for the Bitcoin miners, prompting the sell-off. Miner BTC holdings are now at their lowest in 14 years.
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Under this high Bitcoin sell pressure situation, the majority of the big players, who purchase Bitcoin via Bitcoin spot ETF products, are also selling their holdings.
Since the last 7 days, the Bitcoin spot ETF market only saw a net outflow of the funds.
In particular, on June 21, the Bitcoin spot ETF saw a total outflow of $106 million and has continued to see outflows for 6 days straight. The Grayscale ETF GBTC experienced a one-day outflow of $34.2043 million. Currently, the Bitcoin spot ETF’s total assets amount to $55.547 billion.
Institutional players & fund managers buying Bitcoin
Despite the bearish sentiments, the majority of the institutions are focused on buying Bitcoin.
Currently, top fund managers have been accumulating Bitcoin on behalf of the customer for their BTC ETF buyers.
A report noted that BlackRock (IBIT) holds 305,614 BTC; Grayscale (GBTC): 277,067 BTC; MicroStrategy (MSTR): 226,331 BTC; Fidelity (FBTC): 167,375 BTC; Tether: 75,354 BTC; ARK 21Shares Bitcoin ETF (ARKB): 46,335 BTC.
Read also: CoinStats Temporarily Shuts Down App After Security Breach; 1,590 Crypto Wallets Affected
Bitcoin price sentiment turns bearish due to large sell-offs by major miners: Report
https://bitcoinik.com/bitcoin-price-sentiment-turns-bearish-due-to-large-sell-offs-by-major-miners-report/feed/
https://bitcoinik.com/bitcoin-price-sentiment-turns-bearish-due-to-large-sell-offs-by-major-miners-report/feed/
