The US Government transferred 3,940.28 BTC, valued at $241.22 million, to Coinbase Prime. The German Government transferred another 750 BTC, valued at $46.35 million, on Wednesday. On-chain data shows that the miners' selling activity is increasing, signaling bearish momentum. Bitcoin encountered resistance near the $62,000 mark on Wednesday and declined 1.5% to trade around $60,777 in Thursday’s European session.
Increases in the metric indicate that many miners' coins are exposed to selling, suggesting a bearish trend, and decreases indicate that only a few miners' coins are exposed to selling, signaling less sell pressure. In the last three days, the miners have sent their BTC to the exchanges at an average daily rate of 8,702.18 BTC. This transfer could include the immediate need to cover the cost or to gain excess gains by selling at the price they consider to be overvalued.
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