🚀Bitcoin miners enter $8.2b selling spree: $60k price rally at risk? 🔥🔥
Bitcoin’s price tumbled to a weekly low of $50,664 on Feb. 21, narrowly avoiding massive liquidations; on-chain data analysis pinpoints the likely causes of the recent pullbacks.
After a remarkable 27% February uptick that saw Bitcoin (BTC) hit a 3-year peak of $52,985 on Feb. 20, Bitcoin is struggling to maintain momentum.
With miners ramping up profit-taking ahead of the upcoming halving event, a decline in ETF inflows threatens to scuttle the BTC price rally.
Bitcoin miners sold BTC worth $8.2 billion in previous 30 days
Bitcoin price dipped $BTC 50,664 on Feb. 21, sparking concerns of widespread liquidations as the bears looked to break below $50,000 for the first time since the Valentine’s Day rally. Market data shows the Bitcoin miners’ selling trend, and a slight blip in ETF inflows this week contributed to the pullback.
Bulls have managed to stage an instant rebound toward $51,500 at press time on Feb. 22, but a closer look at the on-chain data trail suggests the bull rally is not yet back on track.
Cryptoquant’s miner reserves metric monitors real-time balances held by BTC miners. It shows that BTC validators hold a cumulative balance of 1,824,201 BTC as of Feb. 22, a 160,000 BTC decline from the balances held on Jan. 31.
