Bitcoin Miners Continue to Show Conviction Amidst Falling Prices
CryptoNewsTerminal Staff10 Sep, 2024
Bitcoin Miners Continue to Show Conviction Amidst Falling Prices
Bitcoin miners remain steadfast in their operations despite the recent decline in bitcoin prices, according to on-chain data analytics firm Glassnode. This unwavering commitment suggests a strong belief in the long-term prospects of the cryptocurrency. However, Glassnode cautions that miners tend to behave as sellers during bear markets and hodlers during bull markets. As such, if the market continues to decline, increased selling pressure from miners could emerge. Meanwhile, exchange and investor network activity has been dwindling, indicating reduced trading interest among investors. Steady outflows from both Bitcoin and Ethereum spot ETFs further support this observation. Despite the market headwinds, the Bitcoin network hashrate has reached new all-time highs, currently standing at 673.29 EH/s. This demonstrates the continued commitment of miners to the network's security and stability.
