Bitcoin miner OTC balances reach 2-year high — Why it’s a bearish signal
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Aug 23 2024Bitcoin Miners' Selling Pressure: Bitcoin miners have reached their highest OTC desk balances in over two years, suggesting significant selling activity that historically precedes price drops of up to 63%. Current balances stand at approximately 368,000 BTC, valued at around $22.36 billion.
Challenges and Opportunities for Miners: Many miners are currently operating at a loss due to rising operational costs post-Bitcoin halving, with mining costs averaging $72,224 against a Bitcoin price of $60,797. However, there is potential for increased revenue if miners transition to supplying energy for AI and high-performance computing sectors.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
