A leading crypto analysis firm, Bitcoin $98,523.4 He stated that a significant portion of investors sold their BTC quickly.
Big Sale from Miners
Santiment, in his statement on the social media platform
The firm stated that Bitcoin is currently moving in parallel with the S&P 500 and breaking this correlation would be positive for BTC. Miners have evaluated sales opportunities at satisfactory profit levels for years. Mining companies, which have to keep their cash reserves strong to continue their operations, continue to hold some BTC at all times.
Investor Strategies
Santiment observed that while miners were selling BTC, other large investor groups were filling this gap.
“As centimentally, Bitcoin’s collective mining balances have been declining since April 2024. However, the drop of 85,503 BTC in the last 48 hours is the most extreme since February. These wallets showed no correlation with price throughout the year. Non-miner whales and sharks are still accumulating. “Consider this situation as a net neutral signal for now.”
Santiment added that wallets did not correlate with the Bitcoin price throughout the year and that large non-miner investors accumulated. He stated that for now this is a net neutral signal.
The analysis firm noted that Bitcoin is currently trading at $99,056. Santiment wrote that investors should pay attention to the relationship between crypto and stocks, and that a weakening of this correlation in the long term will be positive for BTC. He noted that historically, cryptocurrencies have performed well during periods when their dependence on world stock markets was low.
Bitcoin miners’ large sales of BTC are putting pressure on the market. Other major investors are trying to offset these sales. The weakening of BTC’s correlation with the S&P 500 gives positive signals.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
