Bitcoin miners have experienced a significant drop in the total amount of Bitcoin held in their wallets, with a decrease of 85,503 BTC within a 48-hour period. This drop is the largest since February 2024, when Bitcoin was below its all-time high (ATH) of $73,000. The shift in mining balances could have implications for the market, but Santiment, an on-chain analytics platform, believes that mining activity has not strongly influenced Bitcoin's price in 2024. They suggest that other market forces, such as whale activity or institutional players, may be playing a more dominant role. This drop in mining balances is seen as a "net-neutral" signal, neither bullish nor bearish, but will be closely monitored for any correlation with other market activities. At the time of writing, Bitcoin's price was at $99,091.99, a decrease of 4.27% from its historic $100,000 level.



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