Bitcoin price keeps falling as miner liquidations, Asian whale selling, and China’s renewed mining crackdown outweigh ongoing institutional BTC accumulation.
Summary
- China’s renewed mining restrictions cut Bitcoin hash rate by about 8%, pressuring miners to liquidate BTC and adding forced sell-side flow.
- Long-term “OG” Asian holders accelerate distribution on exchanges like Binance, Bybit, and OKX, offsetting institutional accumulation on Coinbase.
- U.S. institutions keep buying BTC, but regional selling from Asia and distressed miners caps upside until excess supply is fully absorbed.
Bitcoin prices continued to decline despite institutional purchasing activity, as selling pressure from miners and Asian holders weighed on the market, according to on-chain data and exchange activity.
Bitcoin (BTC) price is trading around $86.7–86.8k, slightly down on the day, with price consolidating after the latest push toward the mid‑$90k zone. Intraday over the past year, Asian hours have shifted from being a net seller early and mid‑cycle to increasingly acting as a stabilizing bid that absorbs Western selling, but with clear post‑halving weakness in mid‑2024.
The cryptocurrency’s price drop has persisted even as institutional investors have purchased billions of dollars in Bitcoin, according to market analysts. The downward pressure has been attributed to forced liquidations from mining operations and long-term holders, particularly in Asia.
Bitcoin Asian trading hours
China has reimposed restrictions on Bitcoin mining, resulting in an approximately 8% decline in the network’s hash rate, according to network data. China maintains control of approximately 14% of global hash power, according to industry estimates.
Long-term Bitcoin holders have been selling at their fastest pace in five years, according to on-chain data. The selling activity has offset institutional buying pressure, preventing price increases despite significant institutional investment.
Mining operations facing shutdowns have been forced to liquidate Bitcoin holdings to cover operational losses, adding to downward price pressure. The selling has been characterized as necessity-driven rather than sentiment-driven by market observers.
On-chain data indicates that long-term holders, particularly early adopters often referred to as “OG whales,” have increased liquidation activity over the past two months in response to heightened mining restrictions.
Regional differences in trading activity have emerged, with Asian exchanges including Binance, Bybit, and OKX showing steady net selling, according to exchange data. U.S.-based exchanges such as Coinbase have continued to record net buying, indicating ongoing institutional accumulation in the United States.
The regional imbalance between Asian selling a0nd U.S. buying has maintained downward pressure on Bitcoin prices, according to market analysts. Analysts have suggested that price stability may return once selling from miners and long-term holders subsides and the market absorbs the excess supply.
