Bitcoin price dropped as much as 9%, hitting its lowest point since late July. The leading cryptocurrency is trading at a unit price of $21,400. Along with this, big drops also appeared in the SHIB price. The Shiba Inu is down 13.45% in the last 24 hours and is currently changing hands at $0.000012. So why have prices dropped? Who sold BTC at $22,000?
5,925 Bitcoins were sold
Bitcoin miners have profited from the recent Bitcoin price surge above $25,000, according to Cryptoquant data shared by Ali Martinez. Miners have sold 5,925 Bitcoins in the last two weeks, with a total value of approximately $142 million. This suggests that after the recent price increase, aggregate miners have had a chance to get some liquidity, possibly to strengthen their balance sheets. Miner stress, on the other hand, seems to have dropped a little after the peak in June. BTC and SHIB price dropped after the recent sales.
Bitcoin reserves of minersEspecially those who bought their Bitcoins near the top of the market in 2021-2022 played an important role. These long-term holders also showed up in the recent selling pressure on the currency. According to Glassnode, since LUNA’s collapse in May, there has been a net outflow of 300,000 BTC from long-term Bitcoin holders and short-term holders in favor of exchanges. On-chain analytics firm Santiment pointed out that Bitcoin profits have increased as the BTC price dropped from $23,000.
552.79 million liquidations in the last 24 hours
Markets around the world are falling due to increased monetary policy uncertainty. Therefore, cryptocurrencies experienced a serious sale. Bitcoin price dropped as much as 9%, hitting its lowest point since late July. At the time of writing, it was changing hands at $21,416, down 8.89%. According to data from Coinglass, $552.79 million positions in cryptocurrencies were liquidated within 24 hours. Bitcoin hosts $203 million of these liquidations. Additionally, Bitcoin is trading below its actual price according to the latest data. Fear in the market increased against greed.
SHIB burns increased
The Shiba Inu burn rate has increased 203.03% over the past 24 hours as a mystery wallet burned 101.66 million SHIB in a key transaction. Overall, the Shiba Inu Community destroyed 133 million Shiba Inu tokens. Following the SHIB burns, Shibburn reported that the Shiba Inu Community sent a remarkable total of 133 million SHIBs to “inferno” addresses in 18 separate transactions in the last 24 hours. Unknown wallet contributed a significant amount to this burn. Accordingly, a total of 101.66 million SHIB was burned in a single transaction in the last burns. As we reported as Kriptokoin.com, the meme coin has dropped by 11.44% in the last 24 hours. At the time of writing, the Shiba Inu was worth $0.00001313.
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