In an unprecedented development within the crypto landscape, data hints that BTC miner capitulation might be ending. On June 25, on-chain insights revealed a significant dip in miners’ OTC BTC selling, signaling a potential market recovery.
According to CryptoQuant, miners’ BTC selling has decreased substantially since May, reducing selling pressure on Bitcoin and fostering optimistic market sentiments. If the market absorbs the total volume of miners’ sales, a bullish trend could emerge by the third quarter of this year.
At press time, BTC price increased by 0.96%, trading at $61,357.47, amidst three consecutive days of BTC ETF inflows. Although BTC Futures OI dipped by 1.56%, derivatives volume spiked by 9.32% to $42.48 billion, indicating volatility.
Bitcoin’s RSI moved along 35, suggesting recent downside pressure. However, if BTC enters oversold territory, a price rebound is possible. With Bitcoin options expiring today, market optimism for upward momentum remains high.
Highlighting the strategic importance, the decline in miners’ selling could pave the way for a market recovery, boosting long-term investor confidence.
