Here’s who sold BTC as prices fall below $22K
The price of Bitcoin fell as much as 9%, hitting its lowest point since late July
In accordance Crypto quantum data shared by Ali Martinez, Bitcoin miners appear to have profited from the recent Bitcoin price rise above $25,000. According to the chart, miners sold 5,925 Bitcoins for a total value of nearly $142 million over the past two weeks. This shows that after the latest price increase, miners jumped at the chance to take some liquidity, possibly to strengthen their balance sheet and minimize risk. Miner stress appears to be resuming after an earlier drop. This fell slightly after the peak in June when BTC values fell below $20,000.
#Bitcoin miners appear to have taken advantage of the recent rally to book profits. Data shows that miners sold 5,925 $BTC in the past two weeks, worth approximately $142 million. pic.twitter.com/slcO7SstOZ
— Ali Martinez (@ali_charts) 19 August 2022
As reported by U.Today, long-term holders, especially those who bought their Bitcoin near the market peak in 2021-2022, also had a role in the selling pressure on the currency.
Since LUNA’s collapse in May, according to Glassnode, there has been a net outflow of -300,000 BTC from long-term Bitcoin holders (LTHs) and exchanges, in favor of short-term holders (STHs).
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📊 #Bitcoin staying relatively flat at $23.4k, but the transaction ratio of profit vs. losses creep up to “yellow flag” levels. Meanwhile, #Ethereum finally providing a much safer ratio this week after some very heavy profit taking in early August. pic.twitter.com/RXfXTdkfuu
— Santiment (@santimentfeed) 18 August 2022
On-chain analysis firm Sentiment previously flagged that Bitcoin profits rose as the price fell from the $23,000 mark.
Bitcoin Now Testing “Realized Price”
#Bitcoin testing Realized price. pic.twitter.com/wUqwORGHla
— Root 🥕 (@therationalroot) 19 August 2022
Cryptocurrencies experienced a severe selloff as markets around the world fell due to increased monetary policy uncertainty. The price of Bitcoin fell as much as 9%, hitting its lowest point since late July. At the time of writing, the largest digital coin had pared its losses a bit, trading down 7.31% to $21,742. According to data from Coinglass, cryptocurrency positions worth $552.79 million were liquidated in 24 hours, with Bitcoin accounting for 203 million dollars of the total amount.
At its price of $21,742, Bitcoin is currently trading below realized price, which is $21,773, representing the average value of the BTC coin supply from the last transaction in the chain. With BTC prices below the realized price, the short-term outlook remains mixed. The Crypto Fear and Greed Index has returned to “fear”, indicating fear levels in the market.
