Bitcoin Faced with Triple Selling Wave from Miners, Strategy, and ETFs

Bitcoin's price has been under pressure due to several major selling sources. Miners have sold about $106 million worth of BTC in the past 10 days, which is a significant amount considering their computing capacity has fallen by around 20% over the past three quarters.

Riot Platforms and MARA Holding are two prominent miners that have sold large amounts of Bitcoin this year, with Riot selling 9,665 BTC and MARA selling 23,093 BTC. However, it's worth noting that MARA still holds a significant amount of BTC, showing that some miners are not abandoning the cryptocurrency completely.

Spot Bitcoin ETFs have also been contributing to the selling pressure, with about $385 million in net outflows last week. Strategy, one of the largest corporate Bitcoin holders, has slowed its buying demand and sold 6,948 BTC so far this year, cashing out around $432.5 million.

On the other hand, whale wallets have accumulated around 30,000 BTC in the past 17 days, which could be helping to stabilize the price. However, exchange balances have also increased by about 24,700 BTC over the past 10 days, which could add to the selling pressure if these coins are sent to exchanges to be sold.

Crypto analyst Ali Martinez predicts that if selling continues to rise, the next major downside target is near $54,276. The current support zone for Bitcoin is around $63,111-$61,849, and a breach of this range could lead to further price declines.