Recent data suggests Bitcoin whales sold below market highs, impacting sentiment. Significant BTC movement to OTC desks coincides with ETF approval. Miner revenue decline and impending halving raise concerns.
Despite the surge in Bitcoin [BTC] prices to higher levels, recent data indicates that large-scale Bitcoin holders, known as whales, did not capitalize on the most advantageous deals for their Bitcoin.
Recent data reveals that the average selling price of BTC for big Bitcoin whales, actively engaged in trading over the past month, stands at $40.5K.
These whales constitute individuals whose latest transaction occurred within the previous 30 days, possess more than 100 BTC, and maintain wallets unaffiliated with centralized exchanges.
This suggests missed opportunities for profit maximization, potentially contributing to short-term downward pressure on the market.
The realization that active whales failed to optimize their profits might sway market sentiment. Traders could interpret this as an indication that even significant holders lack confidence in a sustained bullish trend.
Over the past three weeks, a substantial amount of Bitcoin, totaling 700,000, has been transferred to Over-The-Counter (OTC) desks, preferred platforms for miners. This movement coincided with the approval of a spot Bitcoin Exchange-Traded Fund (ETF).
OTC desks serve as venues for direct, large-scale Bitcoin transactions between parties, commonly utilized by miners and major investors for significant trades.
This notable shift of Bitcoin to OTC desks may signify strategic maneuvers by miners following the ETF approval.
The cautious behavior of miners in utilizing OTC desks might also indicate apprehensions about market conditions, potentially influencing broader investor sentiment and contributing to a more uncertain price trajectory.
Moreover, such substantial transfers away from conventional exchanges could reduce the immediate visibility of these transactions in public markets, potentially leading to heightened price volatility and unpredictability.
Furthermore, daily miner revenue has experienced a decline. Decreasing revenues could escalate selling pressure on Bitcoin, as miners may need to sell their BTC to cover mining expenses.
In addition, as the halving date approaches, the potential for fee generation for miners diminishes further, which could also negatively impact the price of BTC.
At the time of reporting, BTC was valued at $51,847.69, registering a 0.26% decline in the past 24 hours.
