Pre-halving Bitcoin miner reserve sales and the U.S. spot ETFs have mulled any negative Bitcoin price action after its halving, says Bitfinex.
Bitcoin (BTC) miners were selling their reserves ahead of the halving and the spot exchange-traded funds (ETFs) in the United States may have “spread out the potential selling pressure” which helped avoid a sharp price drop alongside the event, says Bitfinex.
“It appears that miners have executed their selling in advance, which has turned out to be advantageous for the market in the short term,” the crypto exchange wrote in its April 22 weekly market report.
It cited CryptoQuant data showing that in March a daily average of 374 BTC was sent by miners to exchanges — an over 70% fall from February’s 1,300 BTC daily average, equivalent to $86.4 million.
