Bitcoin dominance continues to hold above 60%as the broader crypto market consolidates near $1.61 trillion. The stability of the market reflects the continued strong performance of BTC despite volatility related to miners’ profit-taking and the outflows of institutional funds into other assets.
Currently, Bitcoin (BTC) is trading at $80,231, indicating a moderate increase compared to 24 hours ago. Over the past 24 hours, the cryptocurrency’s trading volume was approximately $40.83 billion, while the market capitalization reached close to $1.61 trillion. BTC dominates the digital asset market at 60.15% as of now.
During the day, BTC continues to show signs of growth as the previous period of recovery ends in favor of the asset’s upward movement. The upward movement follows a broader recovery phase that has been building since early April.
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Bitcoin Dominance Shows 3400 BTC Offloaded
According to a recent post by Ali Charts, a notable shift in miner behavior as profit-taking activity intensifies during the latest market rally. The data suggests miners have increasingly used recent price strength to realize gains while Bitcoin continued its upward momentum over the past month.
According to the post, since April 7, when the price of BTC was around $72,000, BTC has climbed towards a recent peak at $82,790, which amounts to a 15% gain. On-chain data shows that during the period of increasing BTC’s price, miners’ behavior changed to start cashing their profits.
On-chain observations indicate that approximately 3,400 BTC have been offloaded by miners throughout the rally. The selling activity is believed to support operational costs and secure profits at multi-month highs, reflecting a typical miner’s response to sustained price appreciation and improved liquidity conditions in the market.
Bitcoin ETF Outflows Signal Market Pressure
Alongside miner activity, exchange-traded fund flows in the United States also showed a varied direction. SoSoValue revealed on May 8 that spot Bitcoin ETFs in the US had a net outflow of $146 million. It implies that there was a net sell-off that left more funds than those that were added to Bitcoin ETFs.
Unlike Bitcoin ETFs, Ethereum ETFs in the United States showed a positive inflow of $3.57 million. Although there were ETFs with opposite flows, BTC still dominated, being the most popular among traders and investors, according to Bitcoin dominance.
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