The past week saw the largest one-week decrease in illiquid BTC held in 8 weeks, with 37.12k BTC being sold off. This brought the total amount of illiquid BTC held down to 15.62M BTC as shown on Chainalysis. However, this is still a significant amount of BTC that is being held by investors who are unwilling to sell at current prices.
The decrease in illiquid BTC held is likely due to a combination of factors, including the recent drop in BTC prices and the ongoing bear market. Investors who are holding illiquid BTC may be feeling pressure to sell in order to cash in on their investment while prices are still relatively high.
The decrease in illiquid BTC held is also a sign that the market is becoming more liquid, as investors are increasingly willing to trade their BTC for cash. This is a negative development for the cryptocurrency market, as it suggests the presence of fear in holding BTC.
On the other hand, BTC with unrealized gains of 100%+ experienced the most notable one-week increase in 13 weeks, increasing by 103.06k BTC to 9.4M BTC. This is a remarkable achievement, especially considering the current market conditions. The BTC community is incredibly excited about this development and eagerly awaits the next few weeks to see how the market develops.
Miner’s New Tactic
In the past seven days, 35.62% of BTC mined is sent to exchanges, where it can be traded for other cryptocurrencies or fiat currencies. This is a decrease from 54.12% in the last 180 days, indicating that more miners are holding onto their BTC and waiting for the storm to pass. This could be due to a variety of factors, such as the recent crash in the price of BTC or the need to cover overhead costs. Whatever the reason, it is clear that a significant portion of the BTC mined is still being traded on exchanges.