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Bitcoin miner outflows reach $2.2B as price nears $90K

Bitcoin miner outflows reach $2.2B as price nears $90K

GrafaGrafa2024/11/15 09:00
By:Isaac Francis

Bitcoin (CRYPTO:BTC) miner outflows have surged as the cryptocurrency’s price reached new highs.

Data from CryptoQuant indicated that on November 12, approximately 25,367 BTC, valued at around $2.2 billion, were moved out of mining pool wallets as Bitcoin approached $88,025.

The outflow of BTC from miner wallets is a metric that accounts for transactions from all types of miners, including individuals.

Onchain analyst Avocado_onchain explained that miners often realize profits during market upswings to prepare for future downturns, especially ahead of the Bitcoin halving event that reduces mining rewards.

This could be why outflows have increased recently, as miners look to secure gains at new price peaks.

Avocado_onchain also pointed out that while some miners may be selling BTC, the volume indicates there is still potential for continued growth.

“There is still ample room for further growth in this cycle,” the analyst noted, referencing the high hashrate and mining difficulty as signs of strong miner participation and potential price support.

CryptoQuant noted that these significant outflows do not always signal an immediate sale.

Miners often move funds to external wallets for various purposes, including possible sales or internal transfers.

Ryan Lee, chief analyst at Bitget Research, added that November has historically been a strong month for Bitcoin.

In an interview, he suggested that if current trends continue, Bitcoin could exceed $100,000 by the end of the month, projecting a 14.7% increase to push prices past this milestone.

Bitfinex analysts further indicated that Donald Trump’s recent electoral victory might boost crypto adoption in the U.S., potentially accelerating Bitcoin’s path to surpassing $100,000 within the coming months.

At the time of writing, the Bitcoin price was $88,402.46.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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