dailyhodl.com
A prominent crypto analytics firm says one of the most important Bitcoin investor cohorts is unloading $BTC at a rapid rate.
Santiment says on the social media platform X that Bitcoin miners offloaded over $8.55 billion worth of $BTC in just two days, representing the largest distribution of the last 10 months.
While Bitcoin miners are heavily unloading their $BTC stacks, Santiment notes that other deep-pocketed investors are picking up the slack.
“Bitcoin’s collective mining balances have been dropping since April 2024.
However, this latest drop of 85,503 $BTC in just 48 hours is the most extreme we’ve seen since late February (two weeks before the then $73,000 all-time high).
Note that these wallets have NOT been correlative with price for most of this year. Overall, non-mining whales and sharks are still accumulating. Consider this a net-neutral signal for the time being.”
Looking at Bitcoin’s current price action, the analytics firm says $BTC appears to be trading in tandem with the S&P 500 (SPX). According to Santiment, breaking the price correlation between stocks and Bitcoin will bode well for $BTC.
“After crypto’s ‘Trump Pump’ has settled down over the past two weeks, Bitcoin has began to range in close correlation with the S&P 500.
In fact, most of the year has seen a fairly tight bond between the two, with $BTC often being memed about being a ‘high leveraged tech stock’ by cryptocurrency traders.
Regardless, pay attention to a more mid or long-term break between crypto and equities. If this correlation begins to weaken, it would be a bullish signal.
Historically, crypto has flourished when there is little to no reliance on world stock markets.”
At time of writing, Bitcoin is trading for $99,856.
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