Bitcoin Miners Accumulate $419.6 Million in December
Date: 2023-12-17 Author: Dima Zakharov Categories: BUSINESS
In December, Bitcoin miners accumulated coins worth $419.6 million, according to data from IntoTheBlock, a company specializing in cryptocurrency mining analysis. This comes despite the recent correction in Bitcoin's price.
Bitcoin mining organizations have been accumulating BTC since November 30th. During the first half of December, they managed to amass an additional 10,000 coins, valued at $419.6 million based on the current exchange rate.
Positive Impact on the Market
This behavior among miners has a positive impact on the cryptocurrency market. It alleviates downward pressure on Bitcoin's price and instills confidence in traders regarding the possibility of a new bullish trend. If cryptocurrency mining entities were hastily selling their earned coins, it would indicate an expectation of the asset's price decline and a desire to lock in profits.
Whale Activity
In addition to mining organizations, cryptocurrency whales seized the opportunity presented by the recent Bitcoin price dip. Starting from December 11th, they purchased 13,010 BTC, amounting to $545.9 million. However, individuals who own at least $419.6 million worth of Bitcoin likely opted to sell their cryptocurrency holdings, which may have hindered the continuation of the upward trend.
