CandleFocus Bitcoin Miners Unload $2.2B Worth of BTC as Prices Soar to $88,025
2024-11-16
Author: Content Editor
Bitcoin miners are taking advantage of the recent price surge by selling large amounts of Bitcoin each time the price increases. In mid-November 2024, approximately $2.2 billion worth of BTC was transferred from mining pool wallets. As the price of Bitcoin started to rise, miners withdrew more BTC from their wallets, reaching a peak outflow of 25,000 BTC when the price exceeded $88,000. This selling pressure from miners could potentially have an impact on the market, but the continuous increase in Bitcoin's value suggests that buyers are still balancing the outflow. Analysts are monitoring the actions of miners as further sell-offs could occur if the price remains high or increases. The outflows from miners highlight the interaction between supply, demand, and confidence in the cryptocurrency market.
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