Bitcoin took a strong dive during Wednesday’s trading session. The asset fell from the $12,075 highs of the day prior to a local low around $11,200, marking a 7% correction.
The leading cryptocurrency remains near the lows as buyers have yet to step in en-masse. There seems to be some uncertainty about the medium-term future of BTC as the price of gold flags seemingly due to the U.S. dollar bouncing.
Investors are responding in kind. Data suggests that BTC miners are liquidating some of their tokens, suggesting that they perhaps see a stronger move to the downside in the near future.
It may also be that miners may have triggered the collapse, as on-chain data shows that there were some strong miner outflows prior to the drop from $12,000.
Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop
Bitcoin Miners Are Selling Coins, On-Chain Data Shows
Bitcoin miners are liquidating their coins en-masse according to data shared by CryptoQuant, a blockchain data startup. The company reported that ” #Poolin, #Slush, #HaoBTC have taken the…