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Is This What’s Stopping Bitcoin From Soaring? Highest Data in History

According to cryptocurrency analytics firm Alphractal, Bitcoin miners have moved the highest dollar value of Bitcoin between November 8 and December 31, 2024. This increased activity, primarily characterized by significant outflows, has contributed to selling pressure in the Bitcoin market as miners' reserves decline. The trend is a result of heightened competition in the mining industry, with Bitcoin's hash rate reaching all-time highs and increasing operational costs for miners. To maintain profitability, many miners have been liquidating their Bitcoin holdings. However, recent data suggests a potential slowdown in miners' selling activity, indicating a possible pause in market pressure. The report emphasizes the importance of monitoring these dynamics in the coming months to assess their impact on Bitcoin's price.

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