Bitcoin has encountered declines as miners sold over $83 million in BTC recently, leading to a drop below the $67,000 price level. The decline in BTC's value saw a significant plummet on 11th June, prompting miners to sell off their assets to secure profits. Surprisingly, these sell-offs are not immediately apparent on exchanges, indicating a discrepancy in market dynamics. Despite these transactions, the open interest in Bitcoin continues to retain a substantial volume.

OTC Sales Impact Miner Reserves

A scrutiny of essential Bitcoin miner metrics unveiled a decrease in miner holdings, with the miner reserve showing slight declines while hovering around 1.8 million. Notably, the outflow from miner wallets to exchanges has decreased, suggesting a change in trading patterns. The decline in miner reserves contradicts the flow of BTC from miner wallets, highlighting the complexity of market movements. However, a closer examination of Over the Counter (OTC) sales elucidates the situation.

An investigation into BTC Miner OTC sales exhibited significant liquidation by major mining entities. Notably, a recent CryptoQuant chart depicted the largest OTC sale since late March, with approximately 1,200 BTC offloaded. This trend reflects miner capitulation, indicating their inclination to divest BTC assets, potentially in response to financial strains or to secure profits amid market uncertainties.

BTC Trends Amid Sell-offs

A daily timeframe analysis of Bitcoin underscored a negative trend over the past week. BTC's price observed a gradual decline from the $70,000 range to approximately $68,000 between the 6th and 7th of June. Subsequently, another substantial dip transpired on 11th June, pushing the price below $67,000 with a more than 3% decline. This descent brought Bitcoin close to its short moving average, a crucial support level near $65,000.

As of the latest update, BTC traded at around $68,778, exhibiting tentative signs of an upward movement. The Relative Strength Index (RSI) analysis indicates a bearish trend, with the RSI below the neutral threshold at around 47.

Sustained Interest Amidst Challenges

Despite the miner sell-offs and price erosion, Bitcoin maintains a high level of interest, implying continued market engagement and underlying optimism. The Open Interest chart from Coinglass displayed a value of approximately $34 billion, remaining robust despite recent fluctuations. Comparing the current Open Interest to its all-time high of $39 billion in March when BTC surpassed $70,000 indicates sustained cash inflow and trader participation amid the price correction.

The consistent engagement and positive sentiment surrounding Bitcoin amidst recent adversities reflect a resilient market with enduring investor confidence.