Whale Warning. Since its last ATH, the price of Bitcoin remains in a price range between $60,000 and $70,000. A correction period which some hope to see upcoming release in the form of an upward explosion highly anticipated. However, there still don’t seem to be any buyers. This is the reason why BTC whales seem to have entered a massive resale phase valued at 1.2 billion dollars in the last two weeks. BTC miners and spot ETFs will be first in line…
Bitcoin market lacks subscribers
The steady immobility of Bitcoin imposes an almost generalized gloomy trend in the market for cryptocurrencies. Because since then its last ATH above $73,700the bull run promised by the trigger of dernier halving appears to be registered with absent subscribers.
Situation even harder for BTC miners that their rewards were split in 2 during this deadline. The possibility of a highly competitive industry yes engage in buyout operations from necessarily very friendly. Some will speak in this case of a a logical and necessary digital choice…
At the same time, the very young market for Spot Bitcoin ETF made in the US Registry mass and almost regular outings from June 10. Because now they are almost 1 billion dollars which left the coffers of its fund managers.
A situation not conducive to enthusiasm on the part of large long term holders of BTC. In fact, the data collected by CryptoQuant’s analysis structure seems to indicate this the whales have entered a massive landing phase !
“Net ETF flows were negative with outflows of $460 million over the same period. If this ~$1.6 billion of liquidity is not bought off-exchange, brokers can deposit BTC on exchanges, influencing the market. »
Whales resell $1.2 billion worth of BTC
Whale movements are a useful indicator for determining underwater trends that drive the Bitcoin market. Because these HODLers thousands of BTC are the first to follow the trends to increase – or protect – their digital assets.
And the least we can say is that the current period hesitated until now. But recent data uncovered by the CryptoQuant analysis structure could show a remarkable change in this dynamic. At any rate, that’s what analyst Ki Young Ju points out on the X Network.
“Long-term bitcoin whales have sold $1.2 billion worth of BTC in the past 2 weeks, likely through brokers. (…) Traders are not yet increasing their BTC holdings and demand growth from the large holders (whales) is still not strong. »
One of the reasons for these massive resales may come directly from Bitcoin Mining Companies. In fact, it looks like the latter are in the works liquidate part of their shares of BTC to invest in the sector of artificial intelligence (AI) and its $20 trillion promised by 2030.
“One of the biggest trends since Bitcoin’s halving this year is that miners are increasingly turning to AI. Since AI companies need energy-intensive data centers, Bitcoin miners are gradually increasing their income from companies in this sector. »
Meanwhile, Bitcoin continues to move below the $66,000 level. And without significant feedback from buyers, the specter of a new pass through $60,000 box unfortunately, it remains an option that should not be dismissed too quickly. With a cryptocurrency market that could dive even deeper after him.