Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Miners Move 85,503 BTC, Price Unaffected – Here’s Why

Source Newsbtc

From attaining a six-figure market price to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week. Among these rapid developments on the largest digital asset, blockchain analytics company Santiment has observed a massive decline in mining balance.

Bitcoin Miners Offload 85,503 BTC In 48 Hours

On Friday, Santiment shared a report on Bitcoin mining wallets activity in correlation to the asset’s price. According to the analytics firm, there has been a consistent decrease in the Bitcoin collective mining balances since April 2024 indicating that miners have been gradually selling their BTC or moving funds to another wallet.

However, Santiment states these mining wallets have now transferred out 85,503 BTC, valued at $8.56 billion, over the last 48 hours, which represents the largest drop in miner balances since late February prior to Bitcoin’s surge to $73,000.

Generally, increased outflows from miners could indicate a bearish shift in price momentum. However, the team at Santiment postulates the recent BTC offload should be considered a net-neutral signal with no inking on Bitcoin’s price movement.

This notion is based on Bitcoin miner balances showing a weak correlation with price for the majority of 2024. Moreover, non-mining whales and sharks continue to accumulate Bitcoin signaling confidence among investors in the asset’s profitability despite miner activity.

Interestingly, popular crypto analyst Ali Martinez recently provided some update on this accumulation trend stating that BTC whales have acquired 20,000 BTC, valued at $2 billion, over the past 24 hours.

Nevertheless, the constant decline in miner balances remains an important concern for Bitcoin investors. Aside from an ability to induce a bearish sentiment, miners transferring out BTC may draw speculations over mining profitability, which is critical to sustaining the Bitcoin network.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $100,119 following a 3.67% price increase in the past 24 hours. On larger time frames, Bitcoin is equally in profit as evidenced by gains of 2.92% and 32.60% in the last seven days and 30 days, respectively.

The largest digital asset is preparing to face minor resistance at $102,000 following an earlier rejection. If the market bulls are able to produce a breakout, Bitcoin maintains a prolonged price rally that began in early October.

Based on previous bull cycles, the premier cryptocurrency is touted to gain by an average of 38.86% in December, with the potential to trade as high as $140,000 before 2024 runs out.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Sep 22, Tue

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Sep 23, Wed

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

Sep 23, Wed

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Yesterday 06: 46

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Popular Symbols