Bitcoin Miner has resumed sales of BTC following the flagship assets. On-chain data analytics provider Cryptoquant noted that the outflow from miners reached 16,000 BTC on July 15th.
This was the largest leak from miners since April 7th, according to the company. As miners moved all BTC into exchange, Cryptoquant pointed out that it could be on sale in response to BTC’s new all-time highs.
Bitcoin Miner Leak Metric (Source: CryptoQuant)
It said:
“The total Bitcoin spill from the total wallets of miners was spiked to 16K BTC on July 15, representing extreme spills according to the metric.”
According to Crypto analyst AvoCado_Onchain, recent sales by miners have already been reflected in miners’ position index (MPI) surges. Analysts noted that the MPI indicating the transfer of miners to exchange has increased to 2.7, which could result in short-term sales pressures from the market.
Meanwhile, miners aren’t the only ones selling BTC at the top right now. Encrypted data notes that since BTC peaked at $123,000, the overall Bitcoin transfer to exchange has increased, with whales being the main driver of the spikes.
Cryptoquant stated:
“After Bitcoin reached its latest record price, the daily Bitcoin exchange inflow has skyrocketed from 19K Bitcoin a week ago to 81K BTC on July 15th.”
According to the data, whales are the cause of this increase, with large BTC holders sending 58,000 BTC last week compared to 13,000. The moves in these funds reflect whales’ profit efforts to harness retail investors’ revitalizing interest in Bitcoin.
For miners, most of them hold BTC mined to increase the BTC Treasury Department, so the last week-long sale is likely to use prices to generate more cash flow.
ETH sees spikes in exchange deposits
Interestingly, Bitcoin wasn’t the only one that saw an increase in exchange inflows last week. Even Ether, who returned to the green for the first time this year, appears to have already experienced some sell-offs.
Encrypted data shows that daily ether leaks reached ETH of around 2 million on July 16th, the highest level since February. This shows that what ETH has experienced since April has finally returned to the price that investors are accepting sales.
However, Altcoin inflow transactions have been relatively stifled, contrary to what normally follows such market gatherings. This is a sign that investors are not in a hurry to sell. This is because most Altcoin minimizes minimum profit or annual losses, making it unattractive for investors to sell.
BTC declines, but analysts believe that crypto market gatherings remain
Meanwhile, the recent sale has resulted in a price adjustment that has led to BTC falling from its peak to $118,000, while Altcoins such as Ethereum, Solana and XRP have also recorded similar declines in value.
However, most market observers view decline as merely a correction, rather than the end of the market rally. Avocado_onchain noted that the effectiveness of miners’ sales depends on whether it is a one-off or a sustained event.
He said.
“This spike in MPI suggests the possibility of short-term corrections or horizontal price action, but is far below the extreme levels normally observed at the end of previous bull cycles.”
Therefore, he believes that “the medium to long-term bullish outlook for Bitcoin remains the same,” and expects flagship assets to continue to rise for the time being, as underlying factors support this trajectory.
Other analysts share this view. On-chain analyst Crypto Dan also noted that there are no signs of overheating in the market compared to March and December 2024.
