Whales Accumulate As Miners Sell Bitcoin (BTC)

The sharp fall of the Bitcoin price and the worsening market conditions have negatively affected Bitcoin miners. Miners are liquidating their assets to cover their expenses and loans, even though the price of Bitcoin is quite low. This increases the sales pressure. On the other hand, whales are accumulating Bitcoin.

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According to a report by Arcane Research Bitcoin mining analyst Jaran Mellerud, the profitability of mining has become quite bad, and to cover their expenses, public Bitcoin mining firms sold 100% of their BTC production in May. In addition, miners are selling their production from previous months and it is expected to increase further in June.

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According to a report by IntoTheBlock, Bitcoin miners have sold 18,251 BTC (approximately $392 million) in the last ten days. Currently, Bitcoin is trading at $ 21,500.

JPMorgan analyst Nikolaos Panigirtzoglou told Bloomberg that Bitcoin miners could continue to sell until the third quarter of the year. He also said that this could trigger more selling pressure. If you want to check out the whole news, the link is here.

The fact that Bitcoin miners sell their assets seems to increase selling pressures and cause the Bitcoin price to fall, in other words, prevent it from rising. But on the other hand, whales continue to accumulate Bitcoin.

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According to the data shared by the Glassnode analytical agency on Twitter, the number of BTC addresses holding 10K+ Bitcoin has reached 100. It seems that these days when the sales pressure is high, the whales continue to buy. According to current data, the value of 10,000 BTC is approximately $215 million.

While some are selling, others continue to invest by taking advantage of this opportunity, thinking that the current prices are cheap. It is quite remarkable that the addresses holding 10K+ Bitcoins are increasing, and the owners of these addresses may be old investors or new wealthy or institutional investors. Maybe we can find out who they are in the coming days.

Bitcoin is currently trading around $21,500. If the miners continue to sell, it seems that the selling pressure will continue for a while. But if the miners stop selling their holdings, there can be a very quick recovery in the markets.

I do not know whether the price of cryptocurrencies will rise or fall in the short term, but since I think long-term, the current prices of many cryptocurrencies, especially #BTC , #ETH , #BNB , #HIVE, seem quite suitable for me.

I think it's a great time to build. What do you think?

This is not financial advice. Please do your own research before investing. You can also share your thoughts in the comments.

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