Market analysis: Miners sell more BTC as it falls, and the trend is highly uncertain

According to analysts, as the decline of BTC widens, most mainstream currencies have shown signs of breaking. At this time, data from miners selling BTC shows that the selling volume of short-term miners has not decreased due to the price drop, but has increased to a certain extent. From the perspective of the impact on BTC stabilization, this is an obvious unfavorable factor.

When BTC fell sharply on September 21, the decline widened to a maximum of 6.3%, and the number of active addresses also rebounded significantly. The latest active address data is 940,000, which is a significant increase from 790,000 on September 20. At the same time, the number of large BTC transactions remained low, with only 585 transactions of more than 100 BTC on September 21. It can be seen that the increase in short-term trading activity of small and medium-sized investors is also a driving force for price declines. The low trading enthusiasm of the main players indicates that the current point has not been recognized by the main players.

During the BTC price retracement, the miners' first selling volume increased rapidly in the short term, equivalent to a net sale of 1,000 BTC in one week. The usual logic is that miners will sell BTC during price increases, and will not rush to sell BTC during price declines. After the current BTC short-term decline, the miners' selling is undoubtedly a negative factor for price stabilization.

As for mainstream currencies, when the decline of most currencies widened, there were no strong upward trading signals. Platform coins, DeFi concept coins ETH and LINK are all in a state of adjustment.

Privacy coins are relatively resistant to declines, but XMR and DASH also fell by 6% and 4.7%. It can be seen that after the adjustment expectations appeared, the short-term market is not optimistic. USDT negative premium is 0.72%, which means that investors' enthusiasm for bottom-fishing has weakened, and the current situation is mainly adjustment.