U.Today – (BTC) miners have recorded a significant decrease in the total BTC held in wallets associated with the miners. Santiment, an on-chain analytics platform, highlighted changes in the Bitcoin mining balance in a post on X. There was a fall of 85,503 BTC within 48 hours.
Miner activity: sales pressure or strategic shift?
Santiment said this extreme decline could have an impact on the market. Mining balances have been declining since the April halving, but this new decline has stronger implications. In particular, it suggests that there is selling pressure, but that it is not related to price movements.
This move of over 85,000 BTC is the highest since February 2024. As of February, BTC price was still below its previous all-time high (ATH) of $73,000.
This recent move could cause price fluctuations, as happened in February before Bitcoin reached its ATH approximately two months later.
Despite the historical importance of the miners' activities, Santimento has a different view. The platform emphasized that mining wallets will not have a significant impact on the price of Bitcoin for most of 2024. This could mean that other market forces, such as whaling activities or institutional investors, may play a more dominant role.
Sentiment argues that extreme declines should be a signal for “net neutrality.” In other words, developments are neither bearish nor bullish.
Market reaction and price movement
However, this development will remain at the attention of stakeholders for possible correlations with other market activities. This could include changes in whale behavior or other notable price movements.
At the time of writing, Bitcoin price was down 4.27% to trade at $99,091.99. Bitcoin had fallen from its historical psychological level of $100,000 in previous trading. The world's leading asset fell to a low of $94,035 before rebounding in the market.
This article was originally published on U.Today
