Bitcoin Miner Sell-Off Cools Down What Does It Mean for the Market?
According to their proprietary indicator tracking miner activity, current selling pressure has dropped to its lowest level since early 2024 suggesting that miners are increasingly reluctant to part with their BTC reserves.
The firm calculates this trend by comparing recent 30-day Bitcoin outflows from miner wallets against average reserve levels. A dip in this metric typically points to growing confidence among miners and is often viewed as a bullish indicator for price stability or upward momentum.
However, Alphractal cautioned that this calm may not last. If Bitcoins price shifts significantly, selling interest could return, especially if profit-taking incentives emerge.
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Despite BTC recently reclaiming territory above $103,000, futures market activity hasnt kept pace. Open interest in Bitcoin derivatives sits at $61.3 billion notably lower than past benchmarks, which hovered closer to $68 billion at similar price levels. Analysts attribute this gap to a prolonged wave of liquidations and a more cautious approach among market participants, including reduced leverage from institutional players.
Adding to the uncertainty, whale behavior is starting to shift. Alphractals whale trend indicator is tracking a reduction in large long positions, hinting that some deep-pocketed investors may be exiting or preparing for a possible correction. If this downtrend continues, the market could face a phase of sideways movement or even a short-term pullback.
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Text source: Coindoo
