Over the past 48 hours, Bitcoin miners have reduced their holdings of the leading cryptocurrency by 85,503 BTC, bringing their balances down to about 1,95 million BTC. This is the lowest level in recent months. In fact, this is the steepest drop in miner holdings in 2024.
So far, this event has not had a direct impact on the price dynamics of Bitcoin, on the contrary, it has risen above the $100,000 level. Perhaps because wealthy investors continue to buy up BTC that are becoming freely available.
In addition, the relative strength index (RSI) showed a value of 65,88, which is a sign that Bitcoin remains in bullish territory and is not yet overbought.
The parabolic SAR and moving averages further supported the bullish bias, with the price trading well above the 50-day and 200-day moving averages at $83,504 and $67,953, respectively.
Source TradingView
Bitcoin hashrate analysis has shown that it has reached a historical maximum of over 900 EH/s. The steady growth indicates strong competition among miners. Combined with a record network difficulty of 103,9 T, high mining activity has been maintained despite the decline in miner balances.
Source CryptoQuant
Miners' fee income remains low, with transaction fees accounting for just 10% of total miner revenue. This is significantly lower than the peaks seen earlier in 2024, highlighting miners' reliance on block rewards.
Source Glassnode
