- Data showed that major Bitcoin whales sold for an average of $40.5K.
- In response to the approval of a Bitcoin ETF, a large amount of BTC was moved to OTC desks, signaling miners' caution.
Even if the price of Bitcoin [BTC] After the price of Bitcoin rose to higher levels, new data suggests that whales did not secure the cheapest deals for their Bitcoin.
Whales are missing out
According to recent data, the average price at which major Bitcoin whales who have been actively trading over the past month have sold their BTC is $40.5K.
This group consists of whales whose last transaction occurred within the last 30 days, hold over 100 BTC, and whose wallets are not connected to centralized exchanges.
This indicates missed opportunities to win. Their actions could contribute to near-term downward pressure.
The realization that active whales have not maximized their profits could influence market sentiment. Traders could interpret this as a sign that even large holders are not convinced of a sustained uptrend.
What are miners up to?
In the last three weeks, 700,000 Bitcoin were transferred to over-the-counter (OTC) desks, the platforms preferred by miners. This move coincided with the approval of a spot Bitcoin exchange-traded fund (ETF).
OTC desks are places where large Bitcoin transactions take place directly between parties and are often used by miners and large investors for large-scale trades.
This significant transfer of Bitcoin to OTC desks could be an indication of strategic moves by miners in response to the approval of a Bitcoin ETF.
Miners' cautious approach to using OTC desks could also signal concerns about market conditions, potentially affecting overall investor sentiment and contributing to more uncertain price action.
Additionally, such significant movements away from traditional exchanges may limit the immediate visibility of these transactions in public markets, potentially resulting in increased price volatility and unpredictability.
In addition, miners' daily earnings decreased. Falling revenue could increase selling pressure on Bitcoin as miners will be forced to sell their BTC to keep up with mining costs.
Source: Blockchain.com
Read Bitcoins [BTC] Price prediction 2024-2025
Additionally, as the halving date approaches, the potential for fee generation for miners will decrease, which could also negatively impact the price of BTC.
At press time, BTC was trading at $51,847.69 as its price fell by 0.26% in the last 24 hours.
Source: Santiment
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