A recent report from a well-known crypto analytics firm has highlighted a significant trend in the Bitcoin market. According to Santiment, a prominent cohort of Bitcoin investors is currently offloading their BTC holdings at a rapid pace.
Over the course of just two days, Bitcoin miners reportedly sold off more than $8.55 billion worth of BTC, marking the largest distribution of the digital asset in the past 10 months. This substantial sell-off by miners has raised some eyebrows in the crypto community.
Despite the selling pressure from miners, Santiment points out that other large investors are stepping in to absorb the supply. The firm notes that while mining balances have been decreasing since April 2024, the recent drop of 85,503 BTC in a 48-hour period is the most extreme seen since late February, just before Bitcoin’s previous all-time high of $73,000.
Interestingly, Santiment highlights that the wallets associated with Bitcoin miners have not been directly correlated with the price of Bitcoin for most of this year. Overall, non-mining whales and large investors are still accumulating BTC, which the firm sees as a neutral signal for the market at this time.
As for Bitcoin’s current price action, Santiment observes that BTC is trading in close correlation with the S&P 500 stock index. The firm suggests that breaking this price correlation between stocks and Bitcoin could be beneficial for the digital asset in the long run.
Santiment points out that historically, the crypto market has thrived when there is minimal reliance on traditional stock markets. Therefore, a weakening correlation between crypto and equities could potentially be a bullish signal for Bitcoin.
At the time of writing, Bitcoin is trading at $99,856, showcasing some price volatility in the market. As investors continue to monitor these developments, the crypto space remains dynamic and ever-evolving.
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