Bitcoin Traders Anticipate Deeper Drop Despite Favorable U.S. Crypto Policies and Strong Equity Market
Despite favorable U.S. crypto policies and a strong equity market, traders predict a further drop in Bitcoin's price due to selling activity from miners and general profit-taking. On-chain data shows an increase in the transfer of BTC from mining pools to exchanges, which is often seen as a sign of an impending sale. Miners' cash demand may limit Bitcoin's upper potential, as their net position has been gradually declining since May. Outflows in U.S.-listed spot BTC exchange-traded funds have also contributed to the cryptocurrency's recent losses.
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