Is buying Bitcoin right now a good strategy?
Miners are selling a large volume of their coins, putting BTC at risk of another correction. you mat get another chance to get it at low price but ETF approval also near this can be reason for huge pump
- BTC’s price may drop like it did in May 2023.
- Miners were selling their holdings instead of selling it.
According to SignalQaunt, an author profile on CryptoQuant, Bitcoin [BTC] miners have started sending large volumes of coins to exchanges. Sending a high amount of BTC into exchanges has hardly a good impact on the price.
For instance, there was a similar situation in May 2023. During that time, the Bitcoin price fell from $29,000 to $26,000.
BTC miners shed holdings
Bitcoin’s price over the last few days has been moving sideways. But with a possible plunge coming, the coin might shed a significant part of its value.
This potential was in contrast to the expectations of a price increase in the first part of January 2024.
AMBCrypto then considered the Miner Net Position Change. This metric considers the 30-day supply change held by miners.
At the time of writing, the Miner Net Position Change was in the negative area. Specifically, the number had decreased to -7174.44.
This decrease was confirmation that Bitcoin miners were selling off their holdings instead of accumulating as they did for most of October.
