The share of the total supply held in miners’ wallets fell noticeably during this period. In other words, miners’ balances appear to have decreased. The important thing is to determine whether this decline in miners’ balances is due to selling or transfers. For this reason, netflow should also be examined.

According to netflow data, more BTC left Binance Pool than entered it. This suggests that miners’ balances decreased not only because of sales but also because of transfers.

Miners withdrawing BTC from Binance may indicate reduced selling pressure. In other words, miners are not the cause of the current decline.

Additionally, the current MVRV is at 1.5, meaning investors are shown to be 1.5 times in profit relative to their cost basis. Therefore, spot investors may be behind this sell off. The U.S. CPI figures announced yesterday were quite high, which caused panic selling among investors, and the price failed to hold the $81,500 support level. This could be a sign that the decline may continue for a while longer.

Written by PelinayPA