Ali Martinez: “Bitcoin miners are massively selling off crypto assets”
Ali Martinez referred to data from the Crypto Quant analytical platform. Significant selling pressure for digital assets is being seen on major cryptocurrency exchanges as Bitcoin miners try to lock in profits in a down market.
The Bitcoin market has been undergoing a correction since the beginning of 2024 and has already experienced two sharp and significant price declines. The first happened on January 3, when BTS lost about $60 billion in capitalization in one day, and the second happened shortly after the launch of EFT on Bitcoin. Then, after briefly testing the level of $49,000, the rate immediately collapsed to levels close to $42,000.
On the evening of Wednesday, January 17, the first cryptocurrency by capitalization was offered for purchase for approximately $42,469. In the last 24 hours, the cost of BTC decreased by 1.22%. On the weekly timeframe, the decrease in market value was about 5%.
Analysts at CryptoSlate reported that in the first ten days of January, the sales volume of so-called short-term investors amounted to about 111,000 bitcoins, which is close to $5 billion.
