Bitcoin’s price took a steep tumble early this week, driving over $300 million in crypto market liquidations in a single day. Why the sudden volatility?
“On June 9, >3000 BTC were transferred from mining pools to Binance, marking a two-month peak,” Choudhury said. Citing a CryptoQuant dashboard, the analyst noted that heavy selloffs of the sort tend to correlate with downward price action, such as in mid April directly after the halving, or in late May.earlier this month addressing the aggressive minder selloff, crediting it largely to Marathon Digital – the largest publicly traded mining firm.
Regarding motivations for their sales, Choudry highlighted miners’ tight profit margins since the halving. “Average miner revenue per terahash of energy invested in securing the network has dropped by 56% since the halving,” she said.their long-lost Bitcoin in July after ten years of dormancy. The exchange holds over 141,000 BTC worth more than $8.5 billion, scaring investors into expecting an abrupt wave of BTC sell pressure.