Here is who is selling BTC and initiated a correction

Since Bitcoin price surged above $71,000, followed by the Ethereum ETF spot approval, market participants were confident of reaching a new ATH. Unfortunately, all expectations were changed by the rejection, while the recent pullback validated a strong downtrend. The massively formed bearish candles, which outperformed the buying pressure, dragged the BTC Price out of the bullish range. Therefore, it is now believed that highly speculated fund below $60,000 can finally be achieved.

At a time when institutions have seen record inflows in recent days, who is selling Bitcoin and creating selling pressure?

THE Bitcoin Price has been consolidating within the range for over 100 days now, which may have caused a strong miner capitulation phase, which was rare. This was the result of the halving event, eliminating the weaker miners. Additionally, the average cost for miners exceeded $75,000 per BTC, while the spot price fell below $67,000. Therefore, this could have forced them to get rid of their balances, which have been the lowest in the last 6-8 months.

According to Glassnode dataBitcoin miners’ balance has been steadily declining, hitting a multi-year low as sales increased following the recent Bitcoin halving in April 2024. According to Glassnode data, balances fell from 1.84 million BTC in early 2023 to 1.8 million BTC in 2024. May 2024. This trend highlights the need for miners to cover operational expenses following the reduction in block rewards.

Therefore, it can be said that Bitcoin miners played an important role in the recent BTC price correction. They supposedly sold more than 1,200 BTC, or almost $80 million, which prevented the rally from surpassing the crucial resistance at $71,800. Fortunately, this capitulation phase is coming to an end, which could usher in a new bullish phase. Yet, the question remains the same, whether or not Bitcoin (BTC) price managed to form a new ATH at $75,000?

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