If the miner revenue continued to fall, the miners would be forced to sell their BTC to be profitable. Another factor that would increase the selling pressure on miners would be the declining revenue generated by them.suggested that BTC holders won’t be selling their positions soon. A decline in the MVRV ratio suggested that fewer BTC holders could make a profit if they sold their positions.
Even though most addresses holding BTC are short-term investors, as suggested by the negative long/short ratio, it appeared that all the investors were willing to wait to sell their holdings for a profit.During this period, the Open Interest for Bitcoin also increased. As Open Interest increased, it indicated more liquidity and attention coming to the Bitcoin derivatives market. However, an increased Open Interest also brought with it extra volatility.
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