According to a Twitter thread by 8BTC news outlet, which covers crypto and blockchain news events in China, approximately $78.5 million worth of Bitcoin has been sold by crypto miners in the past week.
Overall, they have sent 1,570 Bitcoins to crypto exchanges to lock in some profits and convert BTC to cash to cover their operational and living expenses. Data was provided by global on-chain data hub OKLink.
More than 1,500 #BTC flowed from miner addresses in the past week pic.twitter.com/ik8xF21SEU
— 8BTCnews (@btcinchina) September 7, 2021
The miners managed to sell their BTC while Bitcoin held at the $50,000 peak between Sept. 3 and 5. After that, the flagship cryptocurrency rose to the $52,000 zone and, by now, has declined a little to the $51,000 price mark.
Arman ShirinyanThe retracement took place despite the bullish news of Bitcoin becoming a legal tender in El Salvador, for technical reasons. According to tech indexes, like the Relative Strength Index, the Bitcoin market is overbought at the moment.
Besides, the Fear and Greed index shows "Extreme Greed," which is also indicative of the market being overheated.
Aside from miners, traders have also been liquidating long Bitcoin positions. Earlier today, approximately $28.98 million worth of Bitcoin longs was closed in around an hour.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov
Dan Burgin