JUST

2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-miner-to-exchange-activity-drop-in-2024-is-a-bullish-surge-coming/">Bitcoin Miner-to-Exchange Activity Drop in 2024: Is a Bullish Surge Coming?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In 2024, Bitcoin miners have drastically reduced their activity on exchanges, marking a massive behavior change that could signal a deeper shift in the market. Historically, high levels of miner-to-exchange transfers have often led to sharp price corrections, but this year’s trend points to a more strategic approach. As miners continue to adapt, the implications for <a href="https://coinpedia.org/news/altcoin-boom-ahead-timing-your-crypto-investments-for-maximum-profits/" target="_blank" rel="noreferrer noopener">Bitcoin’s future</a> are worth exploring.</p> 
<h2 class="wp-block-heading" id="h-decline-in-miner-transfers-to-exchanges">Decline in Miner Transfers to Exchanges</h2> 
<p>Recent data from Crypto Slate shows a notable decrease in Bitcoin miners transferring their holdings to exchanges. However, miners would typically sell their Bitcoin holdings during price surges, leading to increased activity on exchanges.&nbsp;</p> 
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   <p lang="en" dir="ltr">Onchain Highlight <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miner exchange transfers sharply decline in 2024<a href="https://t.co/KGKyNFpktd">https://t.co/KGKyNFpktd</a></p>— CryptoSlate (@CryptoSlate) <a href="https://twitter.com/CryptoSlate/status/1824568065406689568?ref_src=twsrc%5Etfw">August 16, 2024</a>
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<p>Although, the chart spanning from 2015 to 2024 shows a consistent downward trend in these transfers since 2018, even as <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> has experienced dramatic increases.&nbsp;</p> 
<p>This reduction in activity suggests that miners are increasingly confident in Bitcoin’s long-term value, opting to hold onto their assets rather than liquidate them during price surges. This strategic shift points to greater financial stability and efficiency within the mining sector, with miners possibly anticipating future price gains.</p> 
<h2 class="wp-block-heading" id="h-rising-bitcoin-network-hashrate">Rising Bitcoin Network Hashrate</h2> 
<p>In addition to the decline in exchange transfers, U.S.-listed Bitcoin miners achieved a significant milestone in August. Their share of the Bitcoin network hash rate increased for the fourth consecutive month, reaching a record high of 26%. This growth underscores their strengthening position within the global mining landscape.&nbsp;</p> 
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   <p lang="en" dir="ltr">JUST IN <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">: According to a JPMorgan analyst, August saw the lowest ever <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> mining profitability. Meanwhile, the U.S. portion of network hashrate soared to a record 26%. Stay ahead of the curve with us. <a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a> <a href="https://twitter.com/hashtag/Blockchain?src=hash&amp;ref_src=twsrc%5Etfw">#Blockchain</a></p>— THΞ FΞNNΞC (@FennecSpirit) <a href="https://twitter.com/FennecSpirit/status/1824444824793043235?ref_src=twsrc%5Etfw">August 16, 2024</a>
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<p>However, the overall network hashrate also rose by approximately five exahashes per second (EH/s) in the first two weeks of August, bringing the average hashrate to 621 EH/s, a 1% increase.&nbsp;</p> 
<p>Despite this rise, the current hashrate remains 30 EH/s below pre-halving levels, suggesting potential volatility in the near term.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
<p>Bitcoin’s price has experienced fluctuations in recent days, yet it remains up by 35% year to date and 104% year over year. These trends suggest that while U.S.-based miners are increasing their share, Bitcoin’s price movement has slowed somewhat.</p> 
<p>As of now, Bitcoin is <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">trading at $59,190</a>, reflecting a 1.5% increase in the last 24 hours. Despite this price surge, trading volume has dropped by 23%, with the market cap standing at $1.16 trillion.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/bitcoin-consolidates-below-60k-as-investors-go-into-accumulation-mode-whats-next-for-btc-price/" target="_blank" rel="noreferrer noopener">Bitcoin Consolidates Below $60K as Investors Go into Accumulation Mode: What’s Next for BTC Price?</a></p>

Bitcoin Miner-to-Exchange Activity Drop in 2024: Is a Bullish Surge Coming?

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