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

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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