BTC Miners Selling Less, Outflows Halved Since March
CryptoNewsTerminal Staff03 Aug, 2024
BTC Miners Selling Less, Outflows Halved Since March
Bitcoin miners are selling less BTC, with outflows halving since March, according to data from CryptoQuant. In March, when BTC hit $70,000, daily miner BTC outflows were in the region of 10,000 to 20,000 BTC. However, in July, that figure had dropped to between 5,000 and 10,000 BTC. This suggests that miner outflows are easing, despite the recent headwinds faced by the crypto market. One possible explanation for this is that miners are becoming more confident in the long-term prospects for BTC. As a result, they are less likely to sell their holdings, even when the price is low. Another possibility is that miners are simply unable to sell their BTC at a profit. The recent decline in the price of BTC has made it difficult for miners to cover their costs. As a result, they are holding onto their BTC in the hopes that the price will recover. Whatever the reason, the decline in miner outflows is a positive sign for the future of Bitcoin. It suggests that miners are confident in the long-term prospects for the cryptocurrency and are willing to hold onto their holdings, even in difficult times.
