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Bitcoin managed to breach the $12,000 mark last month but a correction soon followed and pushed the price back down where it even briefly traded below $10,000. However, an on-chain analyst believes that selling pressure from Bitcoin miners won’t be able to stop BTC’s next bull run.
After climbing past $12,000 last month, the largest cryptocurrency by market capitalization took a beating and fell by 13 percent since its mid-August price, according to Cointelegraph. Historical data show that some BTC miners actually started unloading their holdings which created a selling pressure.
On-chain data analysis firms are monitoring market movements of Bitcoin miners as they could significantly affect the price of the cryptocurrency. “There’s only two unmatched sell pressures on the market. (1) Miners who dilute the supply and sell onto the market, this is the hidden tax via monetary inflation,” on-chain analyst Willy Woo said. “And (2) the exchanges who tax the traders and sell onto the market.”
With their massive BTC holdings, miners and whales sometimes create selling pressure which could trigger a market correction. In fact, the current slump in the crypto market has been attributed to the two groups, according to Cointelegraph.
Bitcoin’s price dropped from $12,486 (August 17) to $9,813 has been attributed to the selloff by the two groups. During that period, several whales and miners sold BTC at around $12,000.
However, CryptoQuant CEO Ki Young Ju believes that continued selling won’t get in the way of a bull run. The reason is that the intensity of miners’ sell-off is not strong enough. “Miner Update: Some miners began selling at the end of July, but I think in the long-run, miners didn't sell BTC large enough to stop the next bull-run,” Ki Young Ju said.
Data from ByteTree reveal that miners have been selling around $1.362 million worth of Bitcoin per week in the last 12 weeks on top of the BTC the mined and sold. While this is indeed a substantial amount, Ki emphasized that it’s enough large enough to affect any future runs.
