The Latest Breaking News from CryptoQuant

The Bitcoin community should expect to see more U.S. miners selling off their reserves, an industry expert said, especially as hashprices plunge and spot BTC ETFs continue to bleed millions.

Holders of Bitcoin who've held on to their assets for a long time have been selling in the past two weeks, and it doesn't help that spot BTC ETFs have seen negative outflows in the same period.

The two largest coins were in the red Tuesday evening, as the global cryptocurrency market cap slipped 0.6% to $933 billion at 8:12 p.m. EDT.

Major coins dropped lower on Tuesday evening as the global cryptocurrency market cap fell 2.5% to $921.9 billion at 8:18 p.m. EDT.

Bitcoin and Ethereum traded higher on Wednesday evening as the global cryptocurrency market cap rose 1.8% to $1.07 trillion at press time.

Bitcoin (CRYPTO: BTC) is struggling to break its resistance level of $22,000 as the market moves sideways.

Institutional investors are likely looking to de-risk from Bitcoin (CRYPTO: BTC) as the premium on Coinbase Global Inc (NASDAQ: COIN) turns negative.

Bitcoin on-chain metrics continue to be bullish as Bitcoin (CRYPTO: BTC) exchange reserves plummets further, shown by data from CryptoQuant. This signals that the proportion of long-term holders are increasing as less people are willing to leave their Bitcoin on exchanges.