Indicators of miner distress, including a significant 7.7% drop in hashrate and a plummet in mining revenue per hash to near all-time lows, means that many miners were forced to turn off their equipment and sell the BTC stash.#5 Slowdown In US Spot Bitcoin ETF Activity Contrary to expectations of a buoyant market driven by institutional investments through spot Bitcoin ETFs, there has been a noticeable slowdown in this sector.
Market participants are understandably nervous that a continuous sell-off by a major holder like a government could lead to downward price pressure.#3 Massive Long Liquidations The Bitcoin market has experienced a sharp increase in the liquidation of long positions, with a record $212 million worth of BTC liquidated just in the past 48 hours.
The psychological impact of this distribution has presumably led to preemptive selling among Bitcoin holders, further amplifying market jitters.#2 German Government The German government’s decision to begin liquidating its Bitcoin holdings has sent ripples through the market as well, with transactions recorded on major exchanges such as Bitstamp, Coinbase, and Kraken.
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