Market participants are waiting for a breakout in BTC, with interest from traditional finance giants driving the last rally. However, miners have recently offloaded over 900 million Bitcoins, which could flood the market with supply. Despite this, miner liquidations are regular occurrences and should not be seen as abnormal. Miners require cash to cover mining expenses and their earnings have been shrinking due to reduced transaction fees. The next move for BTC may depend on the SEC’s response to spot Bitcoin exchange-traded funds. In the derivatives market, the sentiment favors bulls, with the dominance of traders anticipating price gains. This information is for informational purposes only and not investment advice.
AI Sentiment: Neutral
