Ali Martinez referenced data from the Crypto Quant analytical platform. With the current bearish market, major cryptocurrency exchanges are witnessing significant selling pressure from Bitcoin miners, eager to secure profits.
Since the beginning of 2024, the Bitcoin market has been facing a correction, experiencing two substantial price declines. The first occurred on January 3, resulting in a $60 billion decrease in BTS’s market capitalization within a day. Shortly after the launch of ETF on Bitcoin, another decline swiftly followed. After briefly touching the $49,000 level, the price swiftly plummeted to approximately $42,000.
On Wednesday evening, January 17, the foremost cryptocurrency by market capitalization was available for purchase at around $42,469. Within the last 24 hours, there has been a 1.22% decline in its price. Over the span of a week, the market value has dipped by approximately 5%.
Analysts at CryptoSlate have reported that in the first ten days of January alone, short-term investors sold around 111,000 bitcoins, totaling close to $5 billion.