Reserve

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin miner outflows have seen a slight increase, but a significant sell-off is not expected.</li> 
 <li>Despite reaching the $70,000 range, Bitcoin’s price dropped to around $66,771 by the end of the trading day.</li> 
</ul>  
<h2 id="bitcoin-miner-outflows-increase">Bitcoin Miner Outflows Increase</h2> 
<p>Bitcoin experienced a surge in its value, reaching $70,000 in a recent trading session. Despite this, the price fell slightly, slowing down the decrease in the miner reserve. </p> 
<p>An increase in outflows from Bitcoin miners has been observed recently. However, other market indicators suggest that a substantial sell-off may not be on the horizon. </p> 
<h2 id="decline-in-bitcoin-miner-reserve">Decline in Bitcoin Miner Reserve</h2> 
<p>CryptoQuant, in a recent report, pointed out a significant increase in Bitcoin miner outflow. This increase implies that a substantial amount of BTC is being moved from miner wallets. </p> 
<p>On July 25th, the miner outflow indicator spiked to over 14,000 BTC. This was the highest level seen in over a month and the first time in July. After this peak, there was a decrease, but another significant rise occurred on July 29th, with outflows reaching over 9,800 BTC. </p> 
<p>The BTC miner reserve data supports the trend of increasing outflows. At the beginning of July, the miner reserve was approximately 1.814 million BTC. As of recent data, this reserve has slightly decreased to around 1.813 million BTC. </p> 
<h2 id="miner-selling-spree-kept-in-check">Miner Selling Spree Kept in Check</h2> 
<p>After the Bitcoin halving event, there was a noticeable decline in miner revenues. This is due to the halving reducing miners’ block reward for their computational efforts. </p> 
<p>The Puell Multiple, an indicator used to assess the mining industry’s health and potential future behavior, also shifted. This indicator compares the daily issuance value of BTC (in USD) to the 365-day moving average of the daily issuance value. </p> 
<p>When the Puell value is around 0.5, it typically indicates that miner revenues are significantly reduced, which points to a potential market bottom. Currently, the Puell Multiple is 0.9. While this is an increase, it still suggests relatively low earnings for miners compared to the average. </p> 
<p>In such situations, miners might be reluctant to sell their Bitcoin holdings because the prices may not provide sufficient compensation, given their production costs. </p> 
<h2 id="bitcoin-s-price-drop">Bitcoin’s Price Drop</h2> 
<p>On July 29th, Bitcoin started the trading session strongly, hitting the $70,000 price range briefly. However, by the end of the day, it had declined, dropping over 2% to close at around $66,771. </p> 
<p>This downturn could have impacted the value of miner holdings, potentially influencing their decisions on whether to increase outflows. </p> 
<p>According to AMBCrypto’s analysis, <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a> traded at approximately $66,800 at press time, showing a modest recovery with a less than 1% increase.</p>

Is Bitcoin’s fall under $70K linked to miner activities?

Spis treści

CoinEagle.com

Inne artykuły opublikowane 30 lip 2024

Trust Wallet Owned by Binance Announces Partnership with a Surprise Altcoin!

Crypto Market Q2 2024 Report: Top 5 Gainers and the Reason for Their Growth

Exclusive! The Coinbase Connection in the Government’s Bitcoin Transfer Exposed

Movement Labs joins Polygon Agglayer, bags $160M TVL commitment for mainnet

Michael Novogratz’s Galaxy Digital Acquires $1B in Ethereum Staking Assets

Billion-Dollar Asset Manager to Launch Bitcoin Lending Service

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!