Bitcoin Faces Triple Threat as Miners, ETFs, and Strategy Unload Holdings

Bitcoin is facing selling pressure from multiple sources at once, including miners, spot Bitcoin ETFs, and Strategy.

Miners have been selling their BTC holdings to manage costs and utilize their computing power for AI. Over the past 10 days, they've sold approximately $106 million worth of BTC, with a significant portion coming from Riot Platforms (9,665 BTC) and MARA Holding (23,093 BTC).

However, it's essential to note that these miners still hold substantial amounts of BTC, indicating they're not completely exiting the market. Spot Bitcoin ETFs have also been contributing to the selling pressure, with net outflows of around 6,195 BTC worth $385 million last week.

The largest corporate Bitcoin holder, Strategy, has slowed its buying pace, having sold 6,948 BTC this year so far and raising approximately $333.7 million through MSTR stock sales. While this hasn't directly contributed to the selling pressure, it's a notable change in behavior from an investor that had been consistently supporting the market.

Despite these headwinds, whale wallets have accumulated around 30,000 BTC over the past 17 days, which may be helping maintain support levels above $60,000. However, if selling continues to rise and breaks below the $61,849 support zone, the next major downside target is near $54,276.