What is the Reason for the Bitcoin Drop?
The share of BTC held in miner wallets in the total supply has decreased significantly over the period. This indicates a decrease in miner balances. The important thing is to understand whether this decrease in miner balances is due to sales or transfers. Therefore, it's necessary to examine Netflow.
According to Netflow data, more BTC is leaving the Binance Pool than entering. This suggests that miners' balances have decreased not only through sales but also through transfers.
Miners withdrawing BTC from Binance could indicate a decrease in selling pressure. Therefore, the current drop is not caused by miners.
Also, the current MVRV is at 1.5, meaning investors are at 1.5 times their cost basis. Therefore, the cause of this sell-off may be the spot investor side. Because yesterday's US CPI data came in quite high, this caused panic selling among investors, and the price could not hold the 81,500 support level. This could be a sign that the decline will continue for some time. $BTC #Bitcoin
The share of BTC held in miner wallets in the total supply has decreased significantly over the period. This indicates a decrease in miner balances. The important thing is to understand whether this decrease in miner balances is due to sales or transfers. Therefore, it's necessary to examine Netflow.
According to Netflow data, more BTC is leaving the Binance Pool than entering. This suggests that miners' balances have decreased not only through sales but also through transfers.
Miners withdrawing BTC from Binance could indicate a decrease in selling pressure. Therefore, the current drop is not caused by miners.
Also, the current MVRV is at 1.5, meaning investors are at 1.5 times their cost basis. Therefore, the cause of this sell-off may be the spot investor side. Because yesterday's US CPI data came in quite high, this caused panic selling among investors, and the price could not hold the 81,500 support level. This could be a sign that the decline will continue for some time. $BTC #Bitcoin