Short-Term Investors and Miners: Key Players Selling Bitcoin Above $100,000

Short- and medium-term investors, along with miners, continue to exert pressure on the market as the price of the leading cryptocurrency fluctuates between $100,000 and $110,000. This insight comes from CoinDesk analyst Omkar Godbole.

According to him, the price of digital gold has yet to show any clear directional movement, even amidst inflows into crypto funds, an increasing stablecoin market cap, and improving regulatory conditions in the United States.

Alexander Blum, managing partner at Two Prime, believes that Bitcoin is witnessing a market landscape shift, with long-term investors gradually replacing speculators.

As reported by Glassnode, coin holders with less than a year of holding time have become more active in booking profits. On June 16, they accounted for 83% of the total realized gains.

Wallets holding digital gold for six to twelve months «increased sales pressure by $904 million,» marking the second-highest figure since the beginning of the year.

A considerable contribution to bearish sentiment has come from investors holding Bitcoin for over 12 months. Last week, sales from this group reached a peak of $1.2 billion.

Marcus Thielen from 10x Research noted that long-term investors are also liquidating assets due to a stabilization in demand for ETFs.

Historically, miners have significantly contributed to sales pressure. According to IntoTheBlock, the balance in miners’ wallets decreased from 1.94 million BTC at the end of May to 1.91 million BTC, indicating the sale of around 30,000 BTC over 20 days.

On the flip side, miners’ share of spot trading remains minimal—just a few percent. Recently, this figure has dropped to its lowest level since 2022.

Overall, the trend of active accumulation by whales and smaller investors, which was observed during Bitcoin’s rise from April lows around $75,000, has «stalled» after reaching the six-figure mark.

Delta-neutral trades involve opening short positions in perpetual futures while simultaneously buying the underlying asset when derivatives trade at a premium to spot prices. This arbitrage strategy allows traders to profit from price discrepancies while reducing volatility-related risks.

Jimmy Yang, co-founder of Orbit Markets, believes that as Bitcoin evolves into a more stable asset, its ability to generate extraordinary returns diminishes. He speculated that this might have prompted some investors to shift towards other assets.

According to Yang, short-term prospects for the market appear rather dull, with cryptocurrency still trading «in tandem with stocks and overall risk sentiment.»

Blum also suggested that Bitcoin might need to «cool off a bit.»

Thielen pointed out that the nearest support level is at $102,000, while resistance is at $106,000.

Lastly, remember that CryptoQuant analyst Carmelo Aleman has predicted that Bitcoin’s price could peak above $200,000 in 2025.