As Bitcoin's price approaches the $100K mark, miner selling activity has escalated, raising concerns about potential market impacts.
Between November 10 and November 17, miners offloaded more than 110,000 BTC, worth nearly $10 billion, with the largest single-day sale occurring on November 12, when over 25,000 BTC (valued at $2.2 billion) were sold.
This surge in miner sell-offs has sparked speculation that it could hinder Bitcoin’s progress toward the $100K psychological milestone. Historically, significant miner sell-offs have coincided with local price peaks, with increased selling often signaling the market may be approaching a cycle top, prompting further selling from other holders.
Key indicators offer a mixed outlook on Bitcoin’s future trajectory. While miner fees are a traditional sign of market exuberance, they have remained relatively modest, hovering around 10% of total revenue in November, suggesting the market is not yet overheated. The Pi Cycle Top indicator also points to limited upside before the market risks becoming overextended, with the $120K mark serving as a potential sell signal.
Major players in the crypto options market are anticipating a price range of $100K to $120K for Bitcoin, based on its recent rally. If Bitcoin exceeds $120K, it could trigger a broader sell-off, possibly marking the top of the current cycle and prompting profit-taking across all market segments. This would represent a roughly 30% rise from the current $90K price.
Analyzing the latest updates shared by Wu Blockchain, this past week underscored a pivotal shift in the crypto landscape. Bitcoin surged to a new all-time high of $123,226, pushing the overall crypto market cap beyond $4 trillion—a milestone reflecting renewed investor confidence and accelerating institutional flows.
According to data shared by Wu Blockchain, over $5.8 billion in crypto options expired today, with Ethereum leading the action.
A new report from the International Monetary Fund (IMF) suggests that El Salvador’s recent Bitcoin accumulation may not stem from ongoing purchases, but rather from a reshuffling of assets across government-controlled wallets.
Traders are rapidly shifting their focus to Ethereum and altcoins after Bitcoin’s recent all-time high triggered widespread retail FOMO.