Bitcoin Miner Sales Are At Their Lowest! What Will Be the Effect on Bitcoin Price? Bear or Bull?

bitcoin has increased by about 40% since the start of the new year.

This rally in Bitcoin is struggling to survive in 2022 and BTC It also affected the miners who made the sales.

Because in 2022, due to rising costs, miners had to sell a large number of BTC, and this triggered the decline.

According to the news of Coindesk Bitfinex analystsHe wrote that on chain data, the amount of BTC transferred from mining wallets to central exchanges has reached the lowest level in the last 3 years.

Bitcoin miners according to Bitfinex analysts BTC It continues to hold its assets as they expect further increases in its price.

“Besides the Bitcoin price increase, BTC miners are also doing better.

According to the data, the number of Bitcoins transferred from miner addresses to exchanges is currently at a three-year low.

Because miners expect further increases, they hold their Bitcoins, not sell them.”

Bitfinex analysts, who opened a parenthesis to the current situation, also warned of the possibility of a decline.

Analysts said that in the face of the current rapid rally, investors who believe that this rally is not real, are likely to take profits and reverse the uptrend.

Bitfinex analysts recently concluded that the data was released in November and December by large investors such as whales. bitcoin He said it showed he had collected.

“Bitcoin purchases in November and December were mostly driven by large wallet sizes (>$1 million).

These wallets and major players have absorbed the supply that has come after the FTX crash and a plethora of other bearish events.

After the rally initiated by large investors, small investors also increased their Bitcoin purchases. In this context, small investors also supported the rally this month.

Because the increase in the number of $ 1,000 and $ 10,000 wallets has increased since the second week of January.”

Struggling to go above $23,000, Bitcoin continues to trade at $22,800 at the time of writing.

*Not investment advice.

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