Bitcoin Faces Challenges as Miners Increase Selling Activity and ETF Net Inflows Turn Negative

As the trading week comes to a close, Bitcoin is hovering in the $63,000 to $64,000 range. A significant supply barrier has formed, with approximately 5.45 million addresses having acquired 3.03 million BTC between $64,300 and $70,800.

As the trading week concludes, Bitcoin's price remains within the $63,000 to $64,000 range, encountering a crucial supply barrier.

According to on-chain data, an estimated 5.45 million addresses acquired 3.03 million BTC at prices ranging from $64,300 to $70,800. This substantial concentration of holdings at higher price points poses a risk of a steep correction in the event of a sustained price decline.

As Bitcoin's price continues to fluctuate, these holders may opt to sell their holdings to minimize losses, thereby exerting additional downward pressure on the market.

On another note, Bitcoin miners have notably ramped up their selling activity in recent times. Analysis reveals that over 30,000 BTC, roughly equivalent to $2 billion, has been offloaded by miners in June alone. This marks the fastest pace of miners' sell-offs in over one year.

With Bitcoin miners being known to sell their holdings to cover their operating costs and generate profits, this increased activity could add another layer of downward pressure on Bitcoin's price.

Furthermore, the situation is rendered more complex by negative net inflows into Bitcoin ETFs. As of June 21, the net inflow for Bitcoin ETFs summed to a negative $106 million for the day, contributing to a total outflow of $545 million for the entire trading week.

To be specific, Grayscale's GBTC experienced an outflow of $34.2 million, while BlackRock's IBIT saw no net flow on Thursday.

This negative net inflow, particularly over an extended period, could indicate waning investor interest or pessimism regarding the short-term performance of Bitcoin, potentially signaling a bearish sentiment in the near term.

Collectively, these factors – the significant supply barrier, increased miner sell-offs, and persistent negative ETF net inflows – suggest that Bitcoin may face continued challenges in the coming days.

Investors will be keeping a close watch on these developments, as any further decline in Bitcoin's price could trigger additional sell-offs, potentially leading to a more pronounced market correction.

This article is for informational purposes only and should not be taken as financial advice. Always conduct your own research and consult a qualified professional before making any investment decisions.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-challenges-miners-increase-selling-activity-etf-net-inflows-negative.html

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