Bitcoin outflows surge as miners sell aggressively post ETF approval - CryptoCrazeNews

Bitcoin outflows surge as miners sell aggressively post ETF approval

Bitcoin outflows surge as miners sell aggressively post ETF approval

Bitcoin outflows surge as miners sell aggressively post ETF approval

The crypto market is moving fast following the approval of spot crypto exchange-traded funds (ETF) in the United States. The recent Bitcoin (BTC) Netflow suspected an unusual behavior in the market. However, BTC is hovering around the $51k-$52k price level in a bid to locate a solid support, so that it can move ahead to take over the $53,000 mark.

Bitcoin outflow setting the tone?

According to the data, Bitcoin ETF saw the first single-day net outflow after a streak of net inflows. It came in line with the aggressive selling by miners via over-the-counter (OTC) channels.

On February 21, spot ETFs recorded a total net outflow of $35.66 million. This marked the first single day net outflow in 17 trading days. It is important to note that Grayscale’s GBTC reported a single day net outflow of $199 million. BlackRock’s IBIT saw single-day net inflows of $96.52 million on the same day. While eight ETFs added a total of 4,386 BTC ($224.6 million).

Overall, cryptocurrency flows have moderated, with Bitcoin ETPs globally experiencing the worst net flow since January 25.

Bitcoin miners are reported to be aggressively selling BTC via over-the-counter (OTC) channels in the wake of the SEC’s approval of spot ETFs. Over the past three weeks, miners have moved a total of 700,000 BTC to OTC desk wallets. Expert suggests that this trend signifies a significant shift in miner behavior, aligning with the approval of spot ETFs.

What’s happening globally?

Analyzing the Bitcoin Accumulation and Distribution (ATS) by cohort over the past 15 days, it can be seen that all cohorts are currently in some form of accumulation. This suggests a shift away from distribution, particularly for smaller cohorts.

Bitcoin ETPs globally saw a net outflow of 2,046 BTC, with the United States leading in spot outflows (-1,727 BTC) and futures outflows (-190 BTC). Other regions, including Europe, Canada, Brazil, Australia, and Hong Kong, also saw varying levels of net flows.

Analysts suggest that Bitcoin, currently trading around $51,000, may experience a pullback around its next block subsidy halving. Comparisons are drawn to previous bull runs in 2016 and 2020, highlighting key phases common to both market setups.

Bitcoin price is already up 37% over the last 90 days. It is trading at an average price of $51,062, at the press time.

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