Summary
- VanEck’s report said the volume of transfers by long-term Bitcoin holders fell 31% month on month, indicating reduced selling pressure.
- The report stated that the drop in long-term holders’ transfer activity reflects easing selling pressure from seasoned investors and is potentially a constructive signal for the market.
- The report noted that despite worsening mining profitability, miners’ selling has not increased significantly and exchange outflows rose by only about 1%, while weaker profitability remains an overhang.
Forecast Trend Report by Period
An analysis suggests that as selling by long-term Bitcoin (BTC) holders slows, market momentum could build.
On the 20th (Korea time), The Block reported, citing a report published by asset manager VanEck, that the volume of Bitcoin transfers by long-term holders fell 31% month on month.
The report said, "A decline in transfer activity among the long-term holder cohort indicates that selling pressure from seasoned investors is easing," adding that "this is potentially a constructive signal for the market."
It is also a positive signal for the market that selling pressure from Bitcoin miners has not expanded. The report explained, "Despite a recent deterioration in mining profitability, miners’ selling has not increased meaningfully," and "Bitcoin outflows to exchanges rose by only about 1%."
Still, the report noted that the worsening profitability across the mining industry remains an overhang.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
