- Data showed that large Bitcoin whales sold for an average of $40.5K.
- A large amount of BTC has been moved to OTC desks in response to a Bitcoin ETF approval, indicating the caution of miners.
Even though the price of Bitcoin [BTC] has risen to higher levels, new data suggested that whales have not secured the most favorable deals for their Bitcoin.
Missing whales
According to recent data, the average price at which major Bitcoin whales who have been actively trading in the past month sold their BTC is $40.5K.
This group consists of whales whose last transaction took place in the last 30 days, owns more than 100 BTC, and has a wallet that is not linked to any centralized exchanges.
This indicates missed profit opportunities. Their actions could contribute to short-term downward pressure.
The realization that active whales were not maximizing their profits could influence market sentiment. Traders may interpret this as a sign that even large holders lack confidence in a sustained bullish trend.
What are miners up to?
In the past three weeks, 700,000 Bitcoin has been transferred to Over-The-Counter (OTC) desks, platforms favored by miners. This move coincided with the approval of a Bitcoin Exchange-Traded Fund (ETF).
OTC desks are places where large Bitcoin transactions take place directly between parties, often used by miners and large investors for substantial transactions.
This significant transfer of Bitcoin to OTC desks could indicate strategic actions by miners in response to the approval of a Bitcoin ETF.
Miners’ cautious approach to using OTC desks could also indicate concerns about market conditions, potentially impacting broader investor sentiment and contributing to a more uncertain price trajectory.
Furthermore, such significant movements away from traditional exchanges may limit the immediate visibility of these transactions in the public markets, potentially leading to increased price volatility and unpredictability.
In addition, daily income from miners decreased. Declining revenues 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 Bitcoin’s [BTC] Price forecast 2024-2025
Furthermore, as the halving date approaches, the potential of generating fees for miners further decreases, which could also negatively impact the price of BTC.
At the time of writing, BTC was trading at $51,847.69, with its price down 0.26% over the past 24 hours.
Source: Santiment