Decoupling: BTC Drops 6% as Whales Take Profit, Miners Sell

IconCryptoNewsTerminal Staff14 Jun, 2024

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Decoupling: BTC Drops 6% as Whales Take Profit, Miners Sell

Bitcoin (BTC) has decoupled from the Nasdaq over the past week, falling 6% according to Coindesk. Several factors are influencing this move, including whale profit-taking and miner selling. CryptoQuant reports that the number of BTC dormant for 1-2 years has decreased. This indicates that long-term holders are selling off for profit. Miners are also selling some of their BTC to cover costs as the price of the cryptocurrency drops. The decoupling of BTC from the Nasdaq suggests that the cryptocurrency is becoming more independent from traditional financial markets. This is a positive development for BTC, as it indicates that it is becoming more mature and less susceptible to the ups and downs of the stock market. ```

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