In the initial trading session today showed Bitcoin (BTC) experienced a 10% decline as most bitcoin miners traded large amounts of the asset.
Analysis from CryptoQuant shows that the ratio of the number of bitcoins sold with a one-year moving average has reached an eight-year high last week and is still above 2.0.
For information, any record above 2.0 shows that most miners are selling crypto assets in order to meet some of their operating costs.
The actions of the miners are actually expected. As Blockfills institutional trade director Neil Van Huis put it, "Miners sell some large holdings for capital allocation for more and newer mining rigs."
Demand is also not high enough, especially among institutional investors at this time as they 'rest' for a while from making any purchase.
The average person is waiting and trying to read the move of Joe Biden's administration again after Treasury Secretary Janet Yellen made a negative statement about bitcoin and other cryptocurrencies.
EToro United States (US) managing director Guy Hirsch explained that if there were no overly aggressive actions or bans on the use of crypto, it would not be possible for a new phenomenon of institutional investors in the sector.
At the time of writing, bitcoin was trading at $ 32,197, down 0.94% with a record low when the market opened reaching $ 30,000 early this morning.
