Bitcoin

Impact

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-delays-decision-on-four-bitcoin-etfs/" data-wpel-link="internal">SEC Delays Decision on Four Bitcoin ETFs</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/abd-menkul-kiymetler-ve-borsa-komisyonu-sec-4-bitcoin-etfinin-karar-tarihini-erteledi" data-wpel-link="internal">Bitcoin</a>‘s (BTC)</strong> price may have risen to higher levels, but new data reveals that whales have not secured the best deals for their Bitcoins. According to the latest data, large <a href="https://en.coin-turk.com/bitcoin-analyst-predicts-bull-run-as-key-level-is-broken/" data-wpel-link="internal">Bitcoin</a> whales actively trading last month sold their BTC at an average price of $40,500.</p> 
<h2 id="signs-of-a-rise-in-bitcoin">Signs of a Rise in Bitcoin</h2> 
<p style="text-align: justify">This group consists of whales holding over 100 <strong>BTC</strong> and having wallets not connected to centralized exchanges, with their last transaction occurring within the past 30 days. Their actions could contribute to short-term downward pressure. Understanding that active whales are not maximizing their profits could affect market sentiment. Investors might interpret this as a sign that even large investors are not confident in a sustainable upward trend. In the past three weeks, 700,000 Bitcoins have been transferred to Over-The-Counter (OTC) platforms favored by miners, coinciding with the anticipated approval of a spot Bitcoin Exchange-Traded Fund <strong>(ETF)</strong>.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-318981 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/btc-6.webp" alt="" width="2048" height="1290"></p> 
<h2 id="the-impact-of-miners-on-bitcoin">The Impact of Miners on Bitcoin</h2> 
<p style="text-align: justify">OTCs are venues where large Bitcoin transactions occur directly between parties, often used by miners and large investors for significant trades. The substantial transfer to OTCs in <strong>Bitcoin</strong> could be an indicator of miners’ strategic actions in response to the approval of a Bitcoin ETF. Miners’ cautious approach to using OTCs could also signal concerns about market conditions, potentially affecting broader investor sentiment and contributing to a more uncertain price trajectory.</p> 
<p style="text-align: justify">Moreover, significant departures from traditional exchanges can limit the immediate visibility of such transactions in public markets, potentially leading to increased price volatility and unpredictability. Additionally, daily miner revenue has decreased. Miners may need to sell their <strong>BTC</strong> to keep up with mining costs, and reduced revenues could increase selling pressure on Bitcoin. Furthermore, as the halving date approaches, the potential for miners to earn fees diminishes, which could negatively impact the BTC price.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/sec-delays-decision-on-four-bitcoin-etfs/" data-wpel-link="internal">SEC Delays Decision on Four Bitcoin ETFs</a></h5>

SEC Delays Decision on Four Bitcoin ETFs

Table of Contents

COINTURK NEWS

Other articles published on Feb 23, 2024

Spot Bitcoin ETFs are reshaping gold-backed investments

Prosecutors request Changpeng Zhao surrender all passports ahead of sentencing

DOGE Historical Trends Hint at Major Rally

Pangolin (PNG) soars, 24-hour volume up staggering 5500%

Crypto CEO Drops Bombshell Discovery Why Bitcoin Price Is Muted Post-ETFs

Uniswap (UNI) Surges Over 50% on Staking Rewards Proposal

Join our free newsletter for daily crypto updates!