Miner liquidations occur on a regular basis and should not be seen as an anomalyminers finally decided to liquidate a significant chunk of their holdings.
In fact, according to data from CryptoQuant, miners offloaded more than 900 million Bitcoins from their bag in the last two days, worth $26 million at the time of writing.Large sell-offs are typically viewed as a bearish occurrence for the crypto-asset since they flood the market with more supply. However, miner liquidations occur on a regular basis and should not be seen as an anomaly.Miners are responsible for creating new BTC tokens and bringing them into circulation.
However, transaction fees are variable which ultimately impact their earnings. Since hitting all-time high levels in early May, the revenue earned through fees has steadily dropped. Here again, blame Bitcoin’s protracted lull in volatility.Market participants are eagerly waiting for a bullish or bearish breakout for BTC. Interest shown by TradFi giants was responsible for the last big rally in June.
In the derivatives market, the sentiment shifted in the favor of bulls. In fact, according to Coinglass, the Longs/Shorts ratio was greater than one on August 12, indicating the dominance of traders gunning for price gains.
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