Bitcoin (BTC) to face $105m selloff as miners take profit by U.Today

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© Alpha Footage Bitcoin (BTC) to face $105 million selloff as miners make profit

U.Today – the recent resurgence above the $30,000 psychological level has triggered an increased level of activity among miners. With prices steadily rising, miners have started unloading substantial amounts of the cryptocurrency on exchanges. The current transfer stands at $105 million, the second largest USD-denominated transfer ever by miners.

A change of this magnitude usually indicates that miners are looking to profit from their holdings, perhaps anticipating a price correction or looking to secure their profits after the recent surge. The sell-off will likely lead to an increase in the supply of Bitcoin on exchanges, which could put downward pressure on the price of the token in the short term.

In terms of price, maintained a stable trajectory despite the major transfer of miners to exchanges. A contributing factor to this stability could be the relatively low trading volume characteristic of weekend trading sessions. While higher trading volumes generally lead to greater price volatility, the lull in weekend trading could temper the immediate impacts of the miner selloff.

It is important to note that such moves are not unusual in the crypto market, especially in a bullish cycle. Miners, like any other investor, often take advantage of price increases to make their profits. However, the size and timing of this transfer underscores the potential for large price movements in the near term.

The market will be watching these developments and the potential impact on Bitcoin’s price trajectory closely. Whether this will lead to a significant price correction or simply be absorbed by the market remains to be seen.

This article originally appeared on U.Today

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