Whales Sell $41.6 Billion in BTC as Mining Profitability Reaches Lowest Point Since April

Market Sell-off: Long-term Bitcoin holders have sold $41.6 billion in assets as the cryptocurrency dropped below $100,000, marking significant exits by seasoned investors amid declining miner profitability and political uncertainty.

Mining Profitability Crisis: Bitcoin miners are facing their lowest earnings since April, with electricity costs consuming 40-60% of expenses, leading to the liquidation of $172 million in Bitcoin from reserves.

Technical Analysis and Support Levels: Analysts are monitoring critical support levels around $100,000-$101,000, with potential declines projected to the $70,000-$75,000 range if selling pressure continues.

Political and Market Uncertainty: Ongoing political issues, including a government shutdown and regulatory uncertainty, are contributing to market instability, affecting investor confidence and the overall sentiment in the cryptocurrency space.