Bitcoin Halving šµš¾
Miners Ease Up on Selling - Eyes on Profit Surge
Bitcoin miners are dialing down the flow to exchanges as we gear up for the halving fueling hopes for a bullish run
A fresh report from CryptoQuant spills the beans on a major drop in miner flows to crypto exchanges
Last month miners tossed 374 BTC into exchanges, a sharp drop from the 1388 BTC seen the month before
Usually when miners and big fish move their assets to exchanges it spells selling pressure putting a lid on prices
But when they're shipping assets out or cutting down on inflows it's like greasing the wheels for a market upswing
And that's exactly what miners are up to as the Bitcoin halving looms large
ā¢ Miners Ride the Halving Wave
The Bitcoin halving gets traders and miners buzzing, with wild price swings leading up to the big event
Back in 2022's bear market miners took a hit with prices tanking But thanks to recent spot Bitcoin ETF greenlights miners are offloading reserves to make up for lost ground and beef up their stash
About $1 billion hit exchanges from miner reserves post-ETF approval with exchanges also witnessing a flurry of sell-offs in the past fortnight dragging down prices
A look back at history shows miners seizing the chance to cash in on price hikes before a short-term dip in revenue
ā¢ Bullish Bitcoin Ahead
Miner outflows have chilled lately sparking hopes of a rebound in prices
Analysts reckon the selling spree by miners might have already played out setting the stage for a short-term market boost
According to Coinglass over 4,800 BTC has been yanked off exchanges in the last 24 hours ā the biggest withdrawal since January 2023
Looks like the tide's turning ā could we be in for a bullish Bitcoin run? š