Joo Ki-young, CEO of CryptoQuant, a cryptocurrency industry, is warning about selling pressure from miners in the Bitcoin market. Joo Ki-young said that miners are selling Bitcoin to institutional investors through over-the-counter (OTC) transactions. This phenomenon reduces market liquidity and is likely to move the market horizontally in the coming months, he warned. In particular, Joo Ki-young explained that the higher the Bitcoin Miner Location Index (MPI), the more pressure miners have to sell. This situation is putting negative pressure on the market and is likely to affect the Bitcoin market in the future.
Meanwhile, Ripple co-founder Chris Larson revealed that some of his personal Ripple accounts had been hacked. After quickly confirming the matter, Ripple requested the exchange to freeze the address. According to on-chain analysis expert Jack In response, Ripple said that the hacked funds were made from Chris Larsen's personal XRP account and that it had notified the exchange and judicial authorities of this fact. Afterwards, domestic exchanges also urged Ripple investors to be careful and emphasized the safety of cryptocurrency investments.
Lastly, cryptocurrency options analysis company Greeks.Live said that pressure continues on the stock market due to the Federal Reserve's hawkish comments, and that the cryptocurrency market is still likely to face a high interest rate situation. In particular, they noted that the market remains overly optimistic about the availability of funds amid the expected interest rate cut in May. Additionally, in the case of cryptocurrency options, all major short-term implied volatilities have decreased slightly, and market participants continue to prefer selling call options. Greeks.Live analyzed that this situation reflects the opinions of investors who do not expect the price of Bitcoin to rise in the short term.
This content reflects important changes and issues in the recent cryptocurrency market, and is expected to become an element that provides important signals to market participants in the future. It can be said that this is a time when careful analysis and response to these market changes is necessary.
