Bitfinex published a report on the Bitcoin market.
Experts noted the outflow of assets from miners’ accounts.
They believe this puts downward pressure on the coin, causing the price to fall.
Bitcoin is under downward pressure from miners who are selling assets ahead of the next halving. This follows from a report by Bitfinex experts.
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05/11/2023
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“Much of the recent decline in Bitcoin price, particularly after the approval of spot ETFs, can be attributed to the actions of miners,” the report said. “The sale allows them to obtain capital for infrastructure upgrades.”. It is also a reminder of how much influence these counterparties have on market liquidity and price formation.”
Experts’ conclusions confirm analytical data. According to Glassnode, since the beginning of the year, the volume of Bitcoin miners’ reserves has been constantly decreasing:
. Источник: Glassnode. ” class=”wp-image-203457″ srcset=”https://incrypted.com/wp-content/uploads/2024/02/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners.png 1800w, https://incrypted.com/wp-content/uploads/2024/02/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-300×169.png 300w, https://incrypted.com/wp-content/uploads/2024/02/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-1024×576.png 1024w, https://incrypted.com/wp-content/uploads/2024/02/glassnode-studio_bitcoin-balance-in-miner-wallets-btc-all-miners-768×432.png 768w” sizes=”(max-width: 1800px) 100vw, 1800px”>The number of bitcoins on the balance of miners. Source: Glassnode
“Last week saw the largest outflow of funds from miners’ wallets of all time.. And this figure will continue to grow,” experts say.
Previously, we covered a CoinShares report, according to which the cost of cryptocurrency mining will increase significantly after the halving.
A fall in the asset price below $40,000 will lead to mining becoming unprofitable for most small counterparties, experts believe.
BitcoinBTC
Price:
$43,187
0.81%
24h Volume:
$8.2b
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At the time of writing, Bitcoin is trading at $43,179, according to TradingView. A slight drawdown was recorded on the weekly chart:
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
The number of bitcoins on the balance of miners. Source: Glassnode
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BTC rate/ USDT on Binance Source: TradingView.