Bitcoin Miners Actively Selling Their Mined Coins
Date: 2023-12-30 Author: Dima Zakharov Categories: IN WORLD
Miners Profiting from Bitcoin's Soaring Value
Over the past year, Bitcoin's price has risen by approximately $14,000, providing miners with significant returns on their mining operations. However, there is concern that this increased selling activity among miners could negatively impact the ongoing bullish trend in the cryptocurrency market. According to ALI, an analyst on Twitter, the current reduction in the cryptocurrency miners' balances is significant, as reported by CryptoQuant.
Successful Quarter for Miners and Anticipating the Halving
The final quarter of 2023 has proven to be highly successful for cryptocurrency miners. Transaction fees on the network, known as 'ordinadlovs,' have reached their highest level since April of the previous year, resulting in substantial profits for miners. It's worth noting that the long-awaited halving event is scheduled for the spring of 2024, and the cryptocurrency community is eagerly anticipating its impact.
Bitcoin's Potential as a Diversified Asset
Blockchain expert Charles Edwards believes that the upcoming halving event will be a global game-changer. In his view, next year, Bitcoin will surpass gold and be considered the premier asset for risk diversification.
Record Outflow from Centralized Exchanges
Recently, Glassnode reported a record outflow of Bitcoin from centralized exchanges. Cryptocurrency enthusiasts withdrew approximately 28,000 BTC, totaling more than $1.19 billion. This trend suggests that investors are increasingly focused on self-custody of their assets, reducing the available supply in the market. In the face of high demand, this could provide additional support for Bitcoin's value.
