{"id":12544,"date":"2024-04-15T10:37:34","date_gmt":"2024-04-15T07:37:34","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-miners-may-unleash-5-billion-sell-off-expert-warns\/"},"modified":"2024-04-15T10:37:34","modified_gmt":"2024-04-15T07:37:34","slug":"bitcoin-miners-may-unleash-5-billion-sell-off-expert-warns","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-miners-may-unleash-5-billion-sell-off-expert-warns\/","title":{"rendered":"Bitcoin Miners May Unleash $5 Billion Sell-Off, Expert Warns"},"content":{"rendered":"<p>Following the halving, miners could potentially liquidate bitcoin reserves worth $5 billion, exerting pressure on the price. This warning comes from Marcus Thielen, Head of Research at 10x Research.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Might Trade Sideways for 6 months As Miners Could Sell $5bn of BTC -> Here is why: <a href=\"https:\/\/t.co\/gLRgs8yyGg\">https:\/\/t.co\/gLRgs8yyGg<\/a> <a href=\"https:\/\/t.co\/zBLdV95MAl\">pic.twitter.com\/zBLdV95MAl<\/a><\/p>\n<p>\u2014 10x Research (@10x_Research) <a href=\"https:\/\/twitter.com\/10x_Research\/status\/1778963206691794964?ref_src=twsrc%5Etfw\">April 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis overhang from the sell-off could last from four to six months, explaining why bitcoin might trade sideways during this period, as it has after previous halvings,\u201d the expert believes.<\/p>\n<\/blockquote>\n<p>If history repeats itself, the market will not see significant upward price movement until October, Thielen suggests.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2dd73dd0-18bc-42c6-8bd4-71ea755f61e2.webp\" alt=\"2dd73dd0-18bc-42c6-8bd4-71ea755f61e2\" class=\"wp-image-230514\"\/><figcaption class=\"wp-element-caption\">Bitcoin price movement and Marathon quotes after the 2020 halving. Data: 10x Research.<\/figcaption><\/figure>\n<p>According to him, historically, miners began accumulating reserves in the leading cryptocurrency several months before the block reward reduction. This led to a supply-demand imbalance, causing prices to rise before the halving.<\/p>\n<p>In March, bitcoin&#8217;s price hit a <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-surpasses-72000-mark\">record high<\/a> above $73,000.<\/p>\n<p>Thielen suggested that the largest public mining company, Marathon, might start selling off its accumulated digital gold reserves to smooth out revenue declines.<\/p>\n<p>Currently, the firm mines 28-30 BTC per day. After the halving, these figures will drop to 14-15 BTC, but up to 133 days of additional asset supply to the market are expected, Thielen asserts.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOther miners are likely to follow a similar strategy, gradually liquidating part of their reserves,\u201d the expert believes.<\/p>\n<\/blockquote>\n<p>If this scenario unfolds, miners&#8217; sales could reach up to $104 million per day, \u201creversing the supply-demand imbalance that led to the pre-halving rise,\u201d Thielen posits.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/b097960b-cdf1-409c-9ced-4107f30db23f.webp\" alt=\"b097960b-cdf1-409c-9ced-4107f30db23f\" class=\"wp-image-230515\"\/><figcaption class=\"wp-element-caption\">Accumulation and realization of Marathon&#8217;s bitcoin reserves. Data: 10x Research.<\/figcaption><\/figure>\n<p>Regarding other digital assets, the expert suggested a similar scenario:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cEven if there is a correlation between the halving and altcoin rallies, as some predict, historical data shows it usually starts almost six months later.\u201d<\/p>\n<\/blockquote>\n<p>Earlier, Marathon CEO Fred Thiel expressed confidence that the upcoming block reward reduction is already priced into bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the halving, miners could potentially liquidate bitcoin reserves worth $5 billion, exerting pressure on the price. This warning comes from Marcus Thielen, Head of Research at 10x Research. #Bitcoin Might Trade Sideways for 6 months As Miners Could Sell $5bn of BTC -> Here is why: https:\/\/t.co\/gLRgs8yyGg pic.twitter.com\/zBLdV95MAl \u2014 10x Research (@10x_Research) April 13, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1137,160],"class_list":["post-12544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-cryptocurrency-mining","tag-halving"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12544"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12543"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}