Analysis firm Alphractal has released new insights regarding the Bitcoin market, noting that miner selling pressure has significantly dropped to record lows.
Miner Selling Pressure Metric and Its Implications
The Miner Selling Pressure metric tracked by Alphractal assesses the selling power of miners, comparing total BTC sales over the past 30 days to the average miner reserves during the same timeframe. A low reading indicates miners are holding onto their assets, which is generally a positive signal for price.
Current Open Interest in Futures
Despite Bitcoin surpassing the $103,000 mark, open interest in futures remains subdued at $61.3 billion. Alphractal noted that historically, when BTC reached these levels, open interest was typically around $68 billion, suggesting that trading volume and market maker activity are currently low.
Short-Term Outlook for Bitcoin Market
In the short term, whales are reported to be closing their long positions, indicating a potential change in market direction. Alphractal mentioned that if the Whale Position Trend metric continues to drop, the market could either consolidate sideways or enter a correction phase.
The decrease in selling pressure from miners could provide a positive impetus for Bitcoin's market dynamics, though the current open interest levels and actions by larger investors raise concerns regarding possible corrections.
