Bitcoin Miners' Big Sell-Off Raises Supply Overhang Fears
Bitcoin struggled to recover after sellers rejected it near $64,988 three days earlier. The price then posted two lower daily closes. At press time, BTC traded near $64,278, remaining above its 9-day Exponential Moving Average (EMA) of around $64,062.
A recent large transfer from Riot to NYDIG has sparked debate about whether Bitcoin miners are selling their holdings. Together, MARA and Riot moved 581 BTC worth roughly $37.3 million, which may indicate a potential supply overhang.
However, broader miner data painted a less bearish picture. CryptoQuant's Miner Netflow Total rose to 371 Bitcoin on the 7th of August, suggesting that tracked miners received more BTC than they sent. Meanwhile, Miner Reserve rose to 1.1928 million BTC after reaching a recent low.
A sustained hold above the 9-day EMA could bring $65,000 back into focus for Bitcoin, but failure to hold it may leave the cryptocurrency vulnerable to another pullback.