TradingKey – Miner sell-offs and U.S. government crypto transfers pushed Bitcoin briefly below $110,000, raising concerns of a further 10% decline.
On Thursday, October 16, during U.S. pre-market hours, Bitcoin (BTC) momentarily dipped below $110,000, before recovering to $111,447. In the short term, BTC may continue to correct by nearly 10%, potentially retesting the $100,000 threshold.
Bitcoin Price Chart – Source: TradingView.
Overall, Bitcoin’s rebound remains weak. After briefly touching $115,000, it quickly reversed, facing dual pressure from miners and the U.S. government:
Since last Thursday, miners have deposited over 50,000 BTC to Binance.
According to CryptoQuant analyst ArabxChain: “Depositing such a large amount within seven days signals a clear shift from holding to selling or liquidation.”
Additionally, the U.S. government has begun transferring crypto assets seized three years ago in the Potapenko/Turogin case. It also recently recovered 120,000 BTC from Cambodia’s Prince Group, led by Chen Zhi.
Experts warn that the private keys held by U.S. authorities may not have been randomly generated, raising concerns about potential vulnerabilities in custody protocols.
