Miners are optimistic despite the fact that Bitcoin price continues to stay around the $22,000 level. Since the beginning of July, Bitcoin’s value has increased from $367 billion to $414 billion. In the meanwhile, there have been some fascinating developments in the mining reserve.
It seems that Bitcoin miner reserves have decreased significantly in the last two weeks, according to Chart Today on Crypto Quant. Despite the recent rise in BTC’s price, this might be a sign of decreasing confidence in a price reversal. According to the data, Bitcoin prices have dropped by roughly 4,300 BTC in the previous two weeks, indicating that investors have taken precautionary measures against a further decline.
The shift of assets to the futures market seems to be the general trend in the Bitcoin mining community. This might be a strong indicator that BTC’s price is about to fall much worse.
“Miners continue to make transfers to the derivatives market in general. There has been a 4300 BTC drop in the miners’ reserve in the previous two weeks alone. In my judgment, the transfers to the futures market are hedges against future declines and not sales.”
According to Glassnode’s results, Bitcoin miners are distributing BTC from their reserves, which provide credence to this hypothesis. Bitcoin mining income are believed to have fallen by 56% from their all-time highs.
Since the all-time high in Bitcoin mining profits, miners have been releasing $BTC from their reserves.”
In addition, the cost of mining BTC rose by 132%, making matters worse for the community of Bitcoin miners.
According to CoinMarketCap, the current price of BTC is $21,528, an increase of 0.63 percent in the previous 24 hours. The price of BTC has risen 11.85 percent in the last week, making it one of the fastest-growing cryptocurrencies. A 24-hour high of $22,010 was achieved.
© 2015-2023 Coinposters. All rights reserved!