Bitcoin 
$77,196 miners took advantage of the recent price surge by selling approximately 25,000 BTC during the latest rally. Over the past 24 hours, Bitcoin increased by 4%, surpassing $90,000 and reaching a new peak. However, on-chain data indicates that miners may face challenges in reaching the $100,000 mark, potentially slowing down the process.
Miners Increase BTC Sales
Julio Moreno, head of research at CryptoQuant, notes that Bitcoin miners are intensifying sales as prices exceed the $90,000 level. Significant BTC transfers from miners captured attention on Wednesday, coinciding with the price hitting new highs and increased sales activity.
According to Moreno, “Miners are selling more to balance rising operational costs and decreasing profit margins.”
CryptoQuant Issues Possible Risk Warning
Moreno emphasizes that unrealized profit margins have reached 47%, signaling potential price corrections or market pullbacks. Historically, high profit margins have been observed before market downturns, drawing analysts’ attention to the current levels.
In his remarks, Moreno stated, “Traders’ unrealized profits have reached 47%. This could indicate a potential price decline.”
Before the US elections, shares of mining companies that rallied have seen declines, as third-quarter results failed to meet expectations. Shares of companies like Marathon Digital, Riot Platforms, and CleanSpark dropped by 12-15%.
Expert Matt Faltyn commented, “Miners focus on their operations, and stock prices are not directly tied to Bitcoin prices.” Analysts believe that mining stocks do not have a direct correlation with BTC, so there is no need for concern. However, some suggest that BTC may retest the $74,000 level, and if miner selling pressure continues, the $100,000 target could take time to achieve.
With demand for spot Bitcoin ETFs slowing after last week’s surge, investors may adopt a more cautious stance. These developments provide important insights into BTC’s price movements.
Given the dynamics in the Bitcoin market, it is recommended for investors to monitor the market closely and review risk management strategies. The sales from miners and fluctuations in stocks could hinder Bitcoin’s ability to reach short-term price targets.
