The largest bitcoin owners, including miners, have reduced positions through OTC platforms by $1.2 billion over the past two weeks. Such ratings were received at CryptoQuant.
#Bitcoin long-term holder whales sold $1.2B in the past 2 weeks, likely through brokers.
ETF netflows are negative with $460M outflows in the same period.
If this ~$1.6B in sell-side liquidity isn't bought OTC, brokers may deposit $BTC to exchanges, impacting the market. pic.twitter.com/oYeKsRqKeF
During the same period, net outflow from BTC-ETFs amounted to $460 million.
"If these ~$1.6 billion in coins on the sellers' side are not redeemed over—the-counter, brokers can withdraw bitcoins to CEX, which will affect the market," commented CEO Ki Yun Joo.
According to Lucy Hu of Metalpha, miners can switch their attention from mining the first cryptocurrency to participating in the AI sector, which is fraught with sales of accumulated reserves.
"The drop in remuneration [after halving] forced us to look for other channels to increase revenue. Since artificial intelligence—related firms require energy-intensive data centers, miners are gradually increasing sales revenue from this area," she explained.
Should bears be on their guard?
According to CoinGlass, if the price breaks through $70,000, the volume of forced closing of shorts may amount to $1.67 billion. The last time this level was observed was on June 8.
"An insane number of short bitcoin liquidations are accumulating at the top," the Ash Crypto crypto trader drew attention.
#BITCOIN BREAKOUT IS LOADING
THE PRICE IN THE DAILY CHART IS
FORMING A BIG BULLISH FALLING
WEDGE. STOCKS ARE MAKING NEW
HIGHS AND WE CAN EXPECT A SHIFT
IN MARKET MOMENTUM.
LET’S PRAY FOR $80K THIS TIME! pic.twitter.com/myIGW0BNZX
Cryptanalyst Willy Wu suggested that a potential "takeaway" could push the digital gold rate towards ATH.
Here's a view of just how much paper bets on #Bitcoin there is right now.
The solid yellow chart is a z-score oscillator looking at how significant it is locally.
We need a solid amount of liquidations still before we get the all clear for further bullish activity. https://t.co/tswxQwxlc1 pic.twitter.com/TwGG5tf50z
"We still need a solid amount of liquidations before we clear the way for further bullish activity," he pointed out.