According to Cointelegraph: Bitcoin miners seem to be among the most considerable profit takers as Bitcoin's price wrestles near $43,000, as demonstrated by data from on-chain analytics firm, Glassnode. The firm's figures depict sustained mass offloading by miners as the year draws to an end.
Glassnode's data up to December 28 reveals a decline of 700 BTC in miner wallets' BTC balances within 24 hours. Since a high on October 22, miner balances have dropped 12,700 BTC. This considerable reduction in balances coincides with Bitcoin's price variation from $30,000 to near $45,000.
Observing this, trader and social media commentator Ali suggested miner activities might be influencing bullish price continuity prospects. He dubbed the balance reductions as "substantial," citing statistics from on-chain analytics platform, CryptoQuant.
According to Charles Edwards, founder of Capriole Investments, the lucrative Q4 witnessed by miners, with âMiner Priceâ reaching $64K, indicates they are earning an additional 50% on top of Bitcoin's price.
The much-anticipated block subsidy halving is also being vigilantly monitored as a significant point in Bitcoin's existence. DecenTrader co-founder, Filbfilb, foresees miners seeking to stockpile BTC ahead of the reward dropping by 50% to 3.125 BTC.
Edwards heralded this expected 2024 milestone as a "transition point," establishing Bitcoin as the most solid asset globally, exceeding gold as the top store of value.
