Ethereum

Bitcoin

Impact

Spot

<p>The cryptocurrency market is currently going through a delicate period, marked by intense selling pressure. This situation is causing traders to break out in a cold sweat as they helplessly watch the main altcoins fall below critical support levels. Although accumulation in Spot Bitcoin ETFs is increasing, the trend of massive selling is worrying investors.</p>
<h2 id="h-the-shocking-impact-of-miners-on-the-price-of-bitcoin">The Shocking Impact of Miners on the Price of Bitcoin</h2>
<p>Bitcoin, often referred to as the queen of cryptocurrencies, recently surpassed the <strong>$71,000 mark, bolstering market actors’ optimism</strong>. With the SEC giving its <a href="https://www.cointribune.com/en/the-approval-of-ethereum-etfs-is-going-to-change-everything/" target="_blank" rel="noopener noreferrer nofollow">green light to the Ethereum Spot ETF</a>, the euphoria was at its peak, with expectations of imminent historical records.</p>
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<p>However, this euphoria was short-lived. A sudden drop in the price of bitcoin dashed hopes of quick gains, plunging investors into perplexity.</p>
<p>Marked bearish candles quickly took over the <strong>buying pressures</strong>, knocking bitcoin off its upward trajectory. The hypothesis of a bottom below $60,000 is no longer ruled out, fueling speculation.</p>
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<p>Experts point to <strong>the capitulation of miners as the main cause of this selling pressure,</strong> noted <a href="https://en.coin-turk.com/bitcoin-miners-influence-market-with-significant-sales/" target="_blank" rel="noopener noreferrer nofollow">CoinTurk</a>. With an average production cost higher than the selling price, miners are forced to liquidate their assets, thus reducing their balances to historically low levels.</p>
<p>Since the beginning of the year, <strong>miners’ reserves have dropped from 1.84 million to 1.8 million BTC,</strong> a sign of massive selling to cover operating costs post-reduction in block rewards.</p>
<h2 id="h-crypto-market-turbulence-and-massive-btc-sales">Crypto Market Turbulence and Massive BTC Sales</h2>
<p>Bitcoin miners recently sold more than 1,200 BTC, or about $80 million, significantly contributing to the recent price correction.</p>
<p>This selling movement prevented Bitcoin from <strong>breaking the crucial resistance at $71,800,</strong> putting the much-anticipated rally on hold. Data from Glassnode indicates that this phase of miners’ capitulation, while painful, could be coming to an end.</p>
<p>Once this phase is over, <strong>a new bullish momentum could emerge,</strong> rekindling investors’ hopes.</p>
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<p>The flagship crypto must still prove its resilience in the face of these turbulences. The coming days will be crucial in assessing whether <strong>the market can overcome this selling phase</strong> and move toward new heights.</p>
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<p>Investors’ reactions and price evolution will be critical in charting the way forward. One thing is certain, bitcoin miners, through <a href="https://www.cointribune.com/minage-bitcoins-quand-rentabilite-defie-les-mineurs/" target="_blank" rel="noopener noreferrer nofollow">their actions,</a> continue to play <strong>a central role in the dynamics of the cryptocurrency market</strong>.</p>

Crypto market in turmoil – Heavy hand of Bitcoin miners?

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