Many coiners are baffled by the flashcrash of BTC yesterday. They seek for an explanation. Is it ETF? Has the bomb in Iran something to do with it? Is it the exploding situation in the Red Sea? No, it is a dump from miner companies, as we have seen late December. The dump of beginning of January was somewhat bigger thougt. So, why do the miners dump? Well, they stacked up coins in 2023 because BTC was too low to sell them in nice profits. They speculated on BTC that it would get higher. And to close the year books positively, they dumped the coins in December 2023. That fact halted the Christmas rally, which supposed to take place from Christmas time till around January 7.
Meanwhile, we still see a steady growth of BTC, as the yellow lines show. I expect the miner dumps are almost over. We have had the worst part of them. It could be that the January dump was a late, but last dump from a miner company that did show good results in 2023.
Because many TA's show BTC will reach 48K or 50K in the near future, it is rational to think some dumps will happen then, but then not only from miners, also investors will take profit and look for new opportunities.
Meanwhile, we still see a steady growth of BTC, as the yellow lines show. I expect the miner dumps are almost over. We have had the worst part of them. It could be that the January dump was a late, but last dump from a miner company that did show good results in 2023.
Because many TA's show BTC will reach 48K or 50K in the near future, it is rational to think some dumps will happen then, but then not only from miners, also investors will take profit and look for new opportunities.