Here's Why Bitcoin's Not Keeping Pace With Nasdaq
Summary
Bitcoin (BTC) has declined by over 6% in seven days, diverging from its usual correlation with the Nasdaq Composite Index. Factors contributing to this include long-term holders selling at the November 2021 all-time high, increased selling by miners, and the movement of 8,000 BTC from an inactive wallet to an exchange. Additionally, the decline in the number of inactive BTC suggests that holders are taking profits as prices remain near record highs. The impending distribution of 142,000 BTC and 143,000 BCH from Mt. Gox to creditors by October/November 2024 could also impact digital asset prices. Furthermore, the decline in hashrate indicates miner capitulation.
