The analytics firm Santiment has reported a significant decrease in Bitcoin mining balances since April 2024, indicating miners have been selling or moving their BTC. In the last 48 hours, mining wallets have transferred out 85,503 BTC, valued at $8.56 billion, marking the largest drop in miner balances since late February. While increased outflows from miners typically suggest a bearish shift, Santiment suggests the recent offload should be considered a net-neutral signal as miner balances have shown a weak correlation with price. Non-mining whales and sharks continue to accumulate Bitcoin, signaling investor confidence. Despite this, the decline in miner balances raises concerns about mining profitability and sustainability for the Bitcoin network. Bitcoin currently trades at $100,119, with potential resistance at $102,000. It is expected to continue its price rally and potentially reach $140,000 by the end of 2024.



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