What Is the Reason Behind Bitcoin’s Decline?
The share of the total supply held in miners’ wallets has fallen noticeably over this period. In other words, miners’ balances appear to be decreasing. What matters is understanding whether this decrease is due to selling or transfers. That’s why it’s also necessary to examine Netflow.
According to Netflow data, more BTC is leaving Binance Pool than entering it. This suggests that miners’ balances have decreased not only through selling but also through transfers.
Miners withdrawing BTC from Binance may indicate that selling pressure is easing. In other words, miners are not behind the current decline.
Additionally, the current MVRV stands at 1.5, meaning investors are in profit by 1.5 times their cost basis. Therefore, spot investors may be behind this selling. The U.S. CPI data released yesterday came in quite high, triggering panic selling among investors, and the price failed to hold the $81,500 support level. This may signal that the decline will continue for a while longer. $BTC #Bitcoin
The share of the total supply held in miners’ wallets has fallen noticeably over this period. In other words, miners’ balances appear to be decreasing. What matters is understanding whether this decrease is due to selling or transfers. That’s why it’s also necessary to examine Netflow.
According to Netflow data, more BTC is leaving Binance Pool than entering it. This suggests that miners’ balances have decreased not only through selling but also through transfers.
Miners withdrawing BTC from Binance may indicate that selling pressure is easing. In other words, miners are not behind the current decline.
Additionally, the current MVRV stands at 1.5, meaning investors are in profit by 1.5 times their cost basis. Therefore, spot investors may be behind this selling. The U.S. CPI data released yesterday came in quite high, triggering panic selling among investors, and the price failed to hold the $81,500 support level. This may signal that the decline will continue for a while longer. $BTC #Bitcoin