- Bitcoin miners’ stance on holding or selling reserves influences market patterns.
- The biggest number of assets sold by Bitcoin miners since late March was 1,200 on June 10.
As the price of cryptocurrencies plummeted and liquidations increased, Bitcoin miners made the largest sell of reserves since late March 2024. Bitcoin miners’ stance on holding or selling reserves influences market patterns.
There has been a severe ongoing downtrend in the cryptocurrency market, as a number of assets have taken a nosedive in the days leading up to the FOMC meeting.
The biggest number of assets sold by Bitcoin miners since late March was 1,200 on June 10. Crypto analytics business CryptoQuant reports that miners have been steadily pulling their money out of the market, with some major corporations even cutting their holdings in half.
Bitcoin miners have rebalanced their holdings this year in response to market movements. One such example is the Bitcoin halving, which had an initial sell followed by a hold.
All Eyes on Fed
As the market capitalization of cryptocurrencies fell, the assets that were liquidated reached over $100 billion. Analysts at QCP Market believe that positive developments are still ahead, which might boost market sentiment. Although there may be some challenges in the near future. In the near future, there will be bullish events, including the launch of the Ethereum spot ETF, and U.S elections around the corner.
Over the last week, investors have pulled their money out of Bitcoin, altcoins, and meme tokens. Several cryptocurrency assets are now showing losses of double digits as daily statistics continue to fall into the red zone.
According to CMC statistics, Bitcoin is presently trading at $67,374 after seeing a sharp decline despite a determined attempt to cross the coveted $70,000 threshold. As traders and investors prepare to review US economic data, the cryptocurrency market is likely to see significant volatility this week.
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