Investment firm CryptoQuant CEO Ki Yoon Joo said Bitcoin whales and miners have reduced their positions through over-the-counter platforms by $1.2 billion over the past two weeks.
According to the analyst, over the same period of time, the outflow of funds from spot Bitcoin ETFs exceeded $460 million. Ki Young Ju believes that miners may switch from mining Bitcoin to participating in projects related to artificial intelligence, which will lead to significant sales of their accumulated BTC reserves.
“If these billions in coins on the seller side are not redeemed over-the-counter, brokers may transfer bitcoins to centralized exchanges, which will negatively affect the price,” said Ki Yoon Joo.
According to the expert, over the next few days we should expect additional pressure on the market from Bitcoin whales, and there is a possibility that the price of the first cryptocurrency will remain within existing limits until factors appear that can sharply increase the volatility of BTC.
Earlier, analysts from the research division of Blockware, a mining equipment seller, reported that due to hot weather in the United States, the difficulty of Bitcoin mining and the network hashrate would decrease.
