CandleFocus Bitcoin miners stay resilient despite traders' waning risk appetite — Glassnode
2024-09-10
Author: Content Editor
Bitcoin miners are showing strong commitment as the network's hash rate reaches near all-time highs, indicating that miners are adding new mining hardware regardless of market conditions. However, miners' revenue has decreased due to falling fee pressure and reduced demand for monetary transfers. Miners have been selling most of their mined BTC to cover costs but have recently started retaining a portion in their treasury reserves, potentially due to increasing production costs and concerns about future profitability. On the other hand, Bitcoin traders are shifting to a "holding" stance, with on-chain settlement volume and monthly inflow volumes to centralized exchanges dropping. Despite some positive price trends in August, the overall outlook is uncertain and vulnerable to external factors.
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