- A whale deposited Bitcoin worth more than $38 million at Binance on May 18, 2023.
- BTC’s hashrate also registered a drop, indicating an outflow of miners.
although From Bitcoin [BTC] price action has not been very volatile lately, the king coin fell victim to a small price correction in the last 24 hours. However, it recovered somewhat after the incident.
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According to CoinMarketCap, the price of BTC fell nearly 2% in the past 24 hours and was trading at $26,816.82 at the time of going to press. However, a recent analysis by CryptoQuant suggested that things could get even darker.
Bitcoin Under Selling Pressure?
Lookonchain revealed that a whale has been deposited BTC worth over $48 million in Binance. The same whale previously deported BTC worth more than $160 million, and the coin’s price fell by more than 3%.
The price of $BTC fell ~3% again after this whale moved. 🧐https://t.co/aIRsebH12n pic.twitter.com/jrKdBKybbK
— Lookonchain (@lookonchain) May 19, 2023
The same scenario turned out to be true this time too, as the price of BTC fell shortly after the whales made the deposit. However, the good news was that the 3% price drop didn’t last long as BTC made a slight recovery.
BTC miners are also selling
Not only investors, but also Bitcoin miners sold their assets. IT Tech, an author and analyst at CryptoQuant, recently posted a analysis that indicated an interesting development BTCthe mining sector.
According to the analysis, Miner Poolin sent: 3BPAodH6WkNQC8TUrnwFKhETiFacNUi68X 1750 BTC to an address, which later transferred BTC to Binance. In addition, the miners reverse also fell, clearly indicating that BTC was also witnessing dormant pressure from the miners.
Source: CryptoQuant
In addition, the hashrate of Bitcoin has also dropped slightly in recent days. A decrease in hashrate means miners are leaving the BTC ecosystem. At the time of writing, Bitcoin’s hash rate stood at 344.77 million TH/s.
Source: ycharts
Statistics are bearish for Bitcoin
The selling pressure was once again proven by BTC’s on-chain metrics. For example, the miners’ position index was red, indicating that miners sold more companies compared to their annual average. BTC‘s net deposits on exchanges were also high, compared to the past seven days.
Source: CryptoQuant
Read From Bitcoin [BTC] Price prediction 2023-24
A look at the BTC derivatives market
According to Coinglass, BTC‘s outstanding interest has been in an upward trend for quite some time. An increase in the stats reflects new money flowing into the market, suggesting that the current precise trend could last longer. However, it was interesting to see that BTCs long/short ratio recorded an increase. A high ratio indicates bullish market sentiment.
Source: Coinglass
