You can also read about our Recent Posts. data CryptoQuant’s report has revealed a major shift in Bitcoin miners’ behavior. While miner reserves have dropped to the lowest level since 2010, over-the counter (OTC), or off-the-counter, selling has risen to record levels.
BTC: What this Means
The miner reserve at the start of this year was approximately 1,87 million BTC. However, it has yet to reach the current level, which is about 1,81 million BTC, the highest since 2010. It is important to note that this decline of reserves indicates an higher propensity Miners should sell their stocks.
This can lead to an increase in the amount of toxins. market supply This year, the situation has played out differently.
The value of the miner’s BTC reserves is still high despite the decline in BTC. This value has been boosted by an increase of nearly 150% since October of last year.
Additionally, data from CryptoQuant indicates that Bitcoin miners’ over-the-counter (OTC) sales have peaked daily since March.
Bitcoin in the Spotlight
These miner activities are part of a broader market movement that has seen major price changes. BTC’s price has retreated By nearly 7% over the last day. From a high of $66,436 down to $65,269.
This decrease is in line with the general trend of volatility that has characterized recent years. crypto market. Willy Woo, Analyst commented The current situation of miners capitulating and the BTC market could prevent BTC from reaching new highs. boredom resolvesIt is a rally that precedes an important one.
BTC will not reach all-time highs until there is more boredom and pain.
It’s a good thing that miners capitulate. When they do, the rally is almost guaranteed to be huge.
This ribbon may be compressed. These are the best areas to buy and store. pic.twitter.com/MkPKk3AF47
— Willy Woo (@woonomic) June 19, 2024
MicroStrategy has also continued to pursue its policy of promoting BTC. accumulating Bitcoin in the current market environment. The company added 11931 Bitcoins after a recent fund-raising effort that involved the sale of convertible notes worth $800,000,000.
The total value of MicroStrategy’s holdings is now 226,331 Bitcoins. This was acquired for an estimated $8.33 billion at an average cost of $36,798 bitcoin.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 20/6/24 $MSTR hodls 226,331 $BTC Purchased for approximately $8.33B with an average bitcoin price of $36,798.https://t.co/jE9dGqqnON
— Michael Saylor (@saylor) June 20, 2024
Chart created by TradingView, DALL-E.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com