Bitcoin Miners Moving Assets May Lead to Selling Pressure

Bitcoin miners are moving their assets, which could lead to more selling pressure if they are liquidated. On-chain analytics platform CryptoQuant reported a decrease in Bitcoin miner reserves, indicating selling pressure from the miners' side.

The decline in reserves coincided with an inflow to Binance, and the analyst identified two transactions of 1,750 BTC from miner wallets to an exchange. Additionally, Bitcoin mining profitability has fallen, and hash rates are close to peak levels, making Bitcoin mining less profitable. The large number of Bitcoin options that are due for imminent expiry could result in more selling pressure.

Bitcoin $92,890.06

-1.92%

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