The U.S government has a large amount of Bitcoin that it is planning to unload in phases. If a pattern emerges from these sell-offs, traders could profit from the volatility caused by such events.
The U.S. government now has just 41,491 BTC as some were sold earlier this year on 14 March. The remaining coins will go through a sale in four batches later in the year.a market viewer with CryptoQuant, if we divide the number of days in a year by the number of batches, we get 73 days. Interestingly, the first batch was sold on day 73 of 2023.from the U.S. government, we may see sales of the remaining batches every 73 days.
Additionally, a spike in number of call options also suggests a belief amongst traders that Bitcoin’s price will continue to rise.Even though traders were observed to be optimistic about Bitcoin’s future, the same couldn’t be said about the miners. According to , the Miner Outflow Multiple has reached a 1-month high. This indicates that miners have been selling the majority of the BTC that they mined.Moreover, the plunge in fees earned by miners is a contributing factor to this situation. Data from Blockchain.com shows that the total fees generated from transactions have dropped from $1.2 million to $653,210 in recent weeks.
It remains to be seen whether rising selling pressure on miners will have a significant impact on BTC’s prices going forward.
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