Bitcoin's recent price stability near $30,000 reflects sell-taker dominance. Declining miner revenue and rising whale interest shape its trajectory too.
a significant disparity between Sell Taker Volume and buyer activity. This ongoing discrepancy in trading volumes could lead to sustained downward pressure on the price, thereby preventing a decisive breakthrough above the $30,000-mark.
For context, sell-taker volumes are the ratio of sell volume divided by the buy volume of takers in perpetual swap markets. It reflects the pre-eminence of selling pressure in the market. The impact of this sustained selling pressure is further underscored by the context of declining miner revenue. In fact, recent data revealed a reduction in miner earnings, with figures dropping from $41 million to $31 million over the last few months. This decline in revenue can potentially incentivize miners to offload their Bitcoin holdings to remain profitable.
This uptick in whale activity suggests a growing appetite for Bitcoin accumulation among larger investors.A parallel development involved HODLing behavior observed from BTC addresses. Notably, figures for the amount of HODLed or lost coins achieved a five-year high at press time. This revealed a propensity among current investors to retain their holdings over an extended period. This behavior also reflected a sense of confidence and long-term conviction in Bitcoin, despite a lack of positive price movement on the charts.At press time, Bitcoin’s price stood at $29,300. Furthermore, the velocity of transactions had fallen, implying a reduction in the frequency of BTC transfers.
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