On-Chain Metrics for BTC Look Positive Post Halving, Says Bitfinex

On-Chain Metrics for BTC Look Positive Post Halving, Says Bitfinex

Bitfinex, a leading cryptocurrency exchange, has released its weekly analysis report, "Bitfinex Alpha," which takes a look at on-chain metrics for Bitcoin (BTC) following the recent halving event. According to the report, "On-chain indicators for Bitcoin certainly look decidedly more positive post halving." Specifically, the average daily amount of BTC deposited by miners to spot exchanges has declined to roughly 374 BTC last month, compared to 1,300 BTC in February. This suggests that miners have been selling less of their BTC holdings ahead of the halving, potentially spreading out their selling pressure over a longer period of time and preventing a sharp decline in the market. Previously on [date], Bitfinex stated in their weekly analysis report, “Bitfinex Alpha”, that “On-chain indicators for Bitcoin certainly look decidedly more positive post halving”. Recent data shows that the average daily amount of Bitcoin deposited by miners to spot exchanges has declined to roughly 374 BTC last month, compared to 1,300 BTC in February. This suggests that miners have been selling less of their Bitcoin holdings ahead of the halving, potentially spreading out their selling pressure over a longer period of time and preventing a sharp decline in the market.