Ethereum News Today: Bitcoin Miners Sell 20% More as Price Hits $123,000 Ethereum Whales Buy 20% More

CryptoQuant's latest data indicates a substantial increase in selling pressure from Bitcoin miners as the cryptocurrency hit a new all-time high of around $123,000. This heightened selling activity represents the highest level of miner sales since April, suggesting that miners are strategically liquidating their holdings to capitalize on the peak prices. The data implies that miners are leveraging the market's bullish momentum to secure profits, which could influence market dynamics in the coming days.

In addition to Bitcoin, Ethereum has also experienced a notable rise in selling pressure. Daily Ether inflows to exchanges reached nearly 2 million ETH on July 16, the highest level since February. This surge in inflows indicates that a significant number of investors are transferring their Ether holdings to exchanges, likely to sell or trade. The increased selling pressure on both Bitcoin and Ethereum reflects a shift in market sentiment, with investors and miners alike aiming to lock in profits from the recent price surges.

Despite the selling pressure, Ethereum's price has demonstrated resilience, rising over 20% in the past week to briefly surpass $3,600 before correcting to $3,560. This price movement suggests that while there is selling pressure, there is also robust buying interest, particularly from US-based whales. According to a report by CryptoQuant analyst Crypto Dan, Ethereum is experiencing a notable increase in buying activity from these large investors, which could help stabilize the price amidst increased selling pressure.

The recent uptrend in Ethereum's price is primarily driven by the derivatives market, according to data from on-chain analytics firm CryptoQuant. This indicates that much of the buying activity is fueled by speculative trading rather than fundamental value. However, the significant increase in the number of Bitcoin being accumulated by large whales signals a long-term bullish sentiment among these investors. This move by whales to accumulate more Bitcoin could provide a floor for the price, mitigating the impact of the selling pressure from miners.

Overall, the current market dynamics for Bitcoin and Ethereum are characterized by a mix of selling pressure and strong buying interest. While miners and some investors are looking to secure profits from the recent price surges, large whales are continuing to accumulate Bitcoin, indicating a long-term bullish outlook. The resilience of Ethereum's price, despite the selling pressure, further underscores the market's bullish sentiment. As the market continues to evolve, it will be crucial to monitor these dynamics to gain a better understanding of the underlying trends and potential future price movements.