In 2024, Bitcoin miners exhibited unusual behavior, significantly reducing their exchange activity. This change signals a deep transformation in the market. While in the past, high-volume exchange transfers by miners often led to sharp declines in prices, this year's trend reveals a more strategic approach. This new strategy by miners could have significant impacts on the future of Bitcoin.
Bitcoin Miners’ Exchange Transfers Decrease$BTC
According to Crypto Slate’s data, there has been a significant decrease in Bitcoin miners’ transfers to the exchange. Usually, during price increases, miners would sell their Bitcoin holdings, increasing the exchange’s activity. However, data from 2015 to 2024 shows that miners have experienced a steady decrease in exchange transfers since 2018. This suggests that miners are increasing their confidence in the long-term value of Bitcoin and are targeting future profits rather than providing liquidity during price increases. This strategic shift could mean greater financial stability and efficiency in the mining sector.
Increase in US-Based Miners
With the decline in exchange transfers, US-based Bitcoin miners have seen significant success in August. Their share of the Bitcoin network’s hashrate has increased for four consecutive months, reaching a record 26 percent. This growth underscores their strength in the global mining landscape. The network’s total hashrate increased by about five exahashes per second (EH/s) in the first two weeks of August, to an average of 621 EH/s, a 1 percent increase. However, the current hashrate is 30 EH/s lower than before the halving, indicating potential volatility in the near future.
BTC Price and Analysis
Bitcoin’s price has fluctuated in recent days, but it has increased by 35 percent since the beginning of the year and 104 percent for the year. These trends suggest that Bitcoin’s price movements have slowed down despite the increase in the share of US-based miners. Bitcoin is currently trading at $59,190, up 1.5 percent in the last 24 hours. However, trading volume has fallen by 23 percent and the market value remains at $1.16 trillion.
Ali Martinez, one of the well-known analysts of the cryptocurrency world, evaluated the latest situation in the market as follows: The price of Ethereum continues to show a downward trend and there is an important support level between $ 2,300 and $ 2,380. It is stated that 1.62 million addresses purchased more than 50 million ETH at this level. Martinez claimed that the TD Sequential indicator for Ethereum gave a bearish signal on the hourly chart and that this could lead to a correction movement of one to four candles.
Martinez also made an important observation for Bitcoin: He noted that the transitions from bull markets to bear markets in BTC cycles occur when the MVRV value falls below the one-year simple moving average. The analyst emphasized that the fall below this value occurred when the BTC price fell below $ 61,500, and stated that many traders bought large amounts of BTC above this level and these traders are currently losing money, which could potentially lead to a large distribution. He also added that capital flows for Bitcoin and Ethereum have decreased from $ 20 billion to $ 14 billion in the last two weeks.
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