Bitcoin miners dumped more than 1,400 BTC in the last 24 hours to add to the selling pressure on the flagship digital asset. Over the past 30 days, BTC’s volatility has fallen to its lowest levels, with the main asset trading mostly below $30,000. Market watchers have suggested that the BTC price could break if the United States SEC were to approve one of the many applications for spot ETFs that were submitted to it.
In the last 24 hours, Bitcoin miners have downloaded more than 1,400 BTC for $41.2 million. This abrupt move has caught the attention of market enthusiasts, who noted that the action further increased selling pressure in the market.
Ali Martinez, global head of news at BeInCrypto, citing data from CryptoQuant, confirmed the sharp drop in miner reserves during the reporting period.
More Selling Pressure Keeps BTC Below $30,000
The sudden sale of Bitcoin miners has increased selling pressure on the flagship digital asset which has mostly traded below $30,000 for the past 30 days.
Crypto analyst Maartun validated this theory, noting that the volume of BTC buyers significantly outpaced buyers. He added that this was the reason why the BTC price was still below $30,000.
After a rapid rise earlier in the year, Bitcoin’s price movement has been tepid at best recently, with the asset typically pulling back each time it crosses the $30,000 level.
The asset has been consolidating at around $29,000 for several weeks, barely budging despite various events.
Bitcoin volatility has previously been reported to be near its lowest level in the last two years. This was confirmed by prominent Blockchain analytics firm Glassnode, whose report indicated that less than 5% of flagship asset trading days have a tighter trading range. The firm added that “various measures of [BTC] volatility [are] collapsing towards all-time lows.”
Glassnode further explains that “the BTC spot price is trading above a number of long-term moving averages (111D, 200D, 365D, and 200W) which are widely observed across the industry. These averages range from a low of $23.3k (200DMA) up to $28.5k (111DMA).”
Will Optimism Around ETFs Help BTC Break Out?
However, despite the recent lack of movement in the price of BTC, data from Glassnode further shows that long-term holder assets reached a new all-time high of 14.59 million. This represents 75% of the circulating supply of BTC and shows his conviction in holding it.
Market watchers have opined that holders are watching the market, anticipating the US Securities and Exchange Commission’s decision on a Bitcoin Spot ETF application.
In the past two months, the financial regulator has received many requests from leading traditional financial institutions, including BlackRock.
As it might be recalled, BlackRock, the world’s largest asset manager, filed an application with the United States Securities and Exchange Commission (SEC) to launch the first spot Bitcoin ETF in the United States. States, named “iShares Bitcoin Trust”. If approved, the ETF would be traded on Nasdaq, with Coinbase Global Inc., the largest cryptocurrency exchange in the US, acting as custodian. This caused the price of Bitcoin to skyrocket to $28,000.
Interested parties including Ark Invest Cathie Wood and Galaxy Digital Mike Novogratz have predicted that the SEC might finally approve a filing before it. However, the regulator recently delayed its decision on one of these ETFs. With that, it opened a 21-day window for the public to comment on the app.
By Leonardo Pérez
