Bitcoin miners have significantly increased their asset sales, potentially affecting price growth.
Miner Sell-Offs and Market Impact
From November 10th to 17th, miners sold over 110,000 BTC, roughly equivalent to $10 billion. The most significant sell-off occurred on November 12th, involving 25,367 BTC, approximately $2.2 billion.
Understanding Bitcoin’s Cycle Top
Historically, heightened miner sell-offs have indicated local cycle peaks. An increase in miner fees above 30% of total revenue historically correlated with BTC cycle tops. In November, miner fees were around 10% of total revenue, suggesting the market was not yet overheated.
BTC Prospects and Potential Sell Signals
The Pi Cycle Top indicator suggests limited room for BTC rally before the market overheats. Surpassing $120K could signal a sell-off for BTC holders. Major players like QCP Capital see the $100K-$120K target as significant for the market.
Bitcoin miner sell-offs may substantially impact the market, possibly slowing the climb to new highs. Attention should be paid to indicators that might signal a cycle top.
