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Bitcoin boom: Miners sell BTC, but the market remains stable!
Bitcoin reaches all-time high, miners sell BTC - market remains stable. New crypto asset BTCBULL increases interest.
Bitcoin boom: Miners sell BTC, but the market remains stable!
Bitcoin reached a new all-time high of $112,000 last week. After a moderate correction, the price is now hovering around the $110,000 mark, with the overarching uptrend remaining intact. Analysts view the quick recovery as positive as pullbacks were quickly bought. These developments come in the context of increased sales of Bitcoins by miners, which is visible through on-chain data. Every day, BTC inflows from miners increase from an average of 25 BTC to 50 BTC, which represents a doubling. Historically, peaks have been around 100 BTC per day. Despite this additional supply, the market is not showing any major price dislocations, suggesting that demand is strong enough to absorb selling pressure.
The Miner Exchange Flow metric, which measures the Bitcoins transferred by miners to centralized exchanges, has seen an increase. This increase often signaled intentions to sell. Nevertheless, there is no acute sales shock in the current market environment, which gives the trading players a certain stability. Miners respond to the price increase by taking profits while the market remains calm. At the same time, BTCBULL, a new crypto asset linked to Bitcoin, is being introduced and offers a reward mechanism that distributes real Bitcoins to token holders. Airdrops are linked to defined price targets, with a target of $150,000. So far, the project has raised around $6.5 million in presales and accepts ETH, USDT and BNB as payment methods, among others.
Reduced selling pressure among miners
Since November 2024, both Bitcoin inflows to exchanges and miner outflows have decreased significantly, indicating reduced selling pressure. BTC inflows into exchanges peaked at 98,748 BTC on November 25, 2024, followed by a decline in December, where values fluctuated between 11,000 and 79,000 BTC per day. These declines coincide with a decline in miner outflows, further stabilizing overall market sentiment.
Miner outflows peaked at 25,367 BTC on November 11, 2024, when the Bitcoin price was around $88,000. An examination of the data shows that 5,489 BTC were sent to exchanges on January 1, 2025, 5,748 BTC on January 2, and 2,133 BTC on January 3. Market analysts at Bitfinex have predicted that Bitcoin will trade between $95,000 and $110,000 in January 2025. Axel Adler, another market analyst, emphasizes the need for increased trading volume to overcome resistance and allow for significant price fluctuations.
Additionally, it was observed that inflows into Bitcoin exchange-traded funds (ETFs) signaled a change in trend at $900 million on January 3, 2025, indicating renewed interest from institutional investors and traditional financial players. These developments could be crucial for future market dynamics.