Bitcoin has experienced a significant drop in value as on-chain data reveals that Bitcoin miners have been selling off their holdings. This selling activity is indicated by a spike in transactions made by miners intending to sell. The 7-day moving average Bitcoin miner to exchange flow chart shows a notable increase in miner sell-off. Although it is not certain if all deposits made by miners are for selling, the timing suggests that they were looking to sell. Additionally, the chart shows that while some miners contributed to the selling pressure, others have been accumulating more Bitcoin.
AI Sentiment: Negative