Miners Seize The Opportunity To Increase The Price To Sell 6,100 Bitcoins On August 1

Bitcoin is down 7.1% in the past 24 hours after more than $600 million in value was removed from the $1.07 trillion crypto economy. According to CryptoQuant data, a lot of miners surrendered in the past 2 weeks and sold 5,925 Bitcoins worth millions of dollars.

Bitcoin price dropped from $23,593 to $21,253 as of press time. Over $600 million has been removed from the crypto economy in the past day as BTC lost 7.1% of its value.

According to CryptoQuant.com data, Bitcoin miners have surrendered in the past 14 days.

“Bitcoin miners appear to have taken advantage of the recent upswing to book profits. Data shows that miners sold 5,925 BTC in the last two weeks, worth roughly $142 million.”

According to user Ali Martinez, miners have sold more than 6,100 BTC since the beginning of August. The miner position index indicates that they are “selling moderately.” Using today’s market value, 6,100 BTC equates to $130.8 million, much lower than the value given by Martinez.

Miners have halted selling after the “discharge” of the large amount of Bitcoin mined in the 2 months before August 1, 2022. According to the Blockware Intelligence Newsletter published on July 29, miner surrender is nearing the end.

“According to the hash ribbon metric, Bitcoin is 52 days into a miner capitulation. The end of a miner capitulation historically marks a bear market bottom.”

Despite the increased difficulty, BTC’s hashrate spiked to 239.85 EH/s after remaining below the 200 EH/s regions at 182.40 EH/s on August 18, 2022. Thus, in just 24 hours, this is about 24.1% higher than the 182 EH/s recorded on Friday.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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