Miners Clung to Bitcoin Tightly: Data Just Like 16 Thousand Dollars!

Cryptocurrency miners began to accumulate large amounts of Bitcoin (BTC) for the first time in a long time.

Bitcoin miners focused on accumulation the same way they did when the price was $16,000. In the analysis prepared by the author of the on-chain analysis platform CryptoQuant, it was stated that miners reduced the Bitcoin selling pressure, just as they did when the price was at 16 thousand dollars.

Stating that the approximately 14-day series continues, the analyst noted that miners refrained from shooting Bitcoins and that this was probably based on the expectation of further rise in prices.

Particularly, the cash flow statement for spot Bitcoin ETFs turning positive again and the US being hesitant about increasing interest rates were among the factors affecting Bitcoin miners at this point:

We are in a period where miner sales pressure has decreased for the longest period since Bitcoin was traded in the 16 thousand dollar range. As ETF flow increases and the possibility of a possible interest rate cut increases in Q4, miners are likely accumulating with the aim of selling at higher prices.

Shares are for informational purposes only, not investment advice.

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