Miners increase the sale of bitcoin – CryptoQuant

  • Miners have increased the withdrawal of bitcoin on exchanges

  • The head of CryptoQuant does not deny that the increased exchange activity may be the result of OTC trading

  • In the short term, the pressure of miners on the price of bitcoin is not good

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The analytical blockchain company CryptoQuant drew attention to the growth of Bitcoin sales by miners of this cryptocurrency

Miners increase the sale of bitcoin - CryptoQuant

Cryptocurrency miners have increased bitcoin sales. This is the conclusion reached by CryptoQuant CEO Ki Yong Joo on his Twitter page..

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In his opinion, such pressure on the market is not good in the short term. Nevertheless, the head of CryptoQuant said that he still believes in the long-term return on investment in cryptocurrency..

Increasing pressure

Some users of the cryptocurrency community doubted that the dump from the miners was enough for the BTC price to sink so quickly.

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In response to this, the head of the analytical service admitted that the total outflow of cryptocurrency from the wallets of miners is not that big, but “it is gradually increasing in comparison with the previous days.”.

“In addition, the number of outgoing transactions today is unusually high,” he said..

Ki Yong Joo noted that the current flow of Bitcoin withdrawals to exchanges seems small, and this leaves hope for a recovery in price. Also, the founder of CryptoQuant admitted that exchange activity can mean not only the drain of bitcoin by miners, but also the activity of over-the-counter transactions that end on exchanges..

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Miners increase the sale of bitcoin - CryptoQuant

The largest cryptocurrency by capitalization, meanwhile, is experiencing a short-term correction. At the time of this writing, the price of BTC / USDT is $ 17,765 (-3.12% per day). Market capitalization of BTC also dipped from $ 341.8 billion to $ 330.3 billion.

Earlier, the editorial staff of BeInCrypto reported that the American holding company Fidelity expanded the business of its cryptocurrency division Fidelity Digital Assets, allowing corporate clients to use bitcoin as collateral for fiat loans..

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