According to the latest data, Bitcoin miners have not started selling their assets. This shows that, according to experts, we may not be close to the summit yet.
Bitcoin miners selling their assets are considered a bearish signal.
According to the latest data, miners haven’t started selling their Bitcoins!
The miner entry MA7 data (Miner Inflow MA7) shows that we have not reached a potential peak of this bull cycle, indicating that Bitcoin miners have not yet started selling their assets. The trading activity of Bitcoin miners acts as an important market indicator as it affects mining costs. In the crypto market bloodbath this week, more than $ 500 billion was wiped from the market, and top cryptocurrencies like Bitcoin and Ethereum lost more than 50% of their value from ATH. Bitcoin fell to a new 3-month low of $ 30,681 on Wednesday before making a significant recovery of more than $ 10,000 in the past 24 hours.
On-chain data show that the ongoing panic sale is primarily driven by new buyers. It also turns out that the whales, who sold more than 50,000 BTC last week and then bought the drop with a collective corporate purchase of 34,000 BTC, are taking this opportunity as an opportunity. Current Bitcoin sales are attributed to a number of FUDs, most recently drawing attention to China’s pressure on Bitcoin mining activities. Such warnings by the Chinese government are not new, and they have published numerous similar reports from time to time. However, some experts in the industry argue that a focus on carbon neutrality this time around could play an important role in pressure.
How do Bitcoin miners affect the price?
The growing mining difficulty has made Bitcoin mining an increasingly expensive business. Because to make a good profit, any c0mpetive mining machine can cost up to $ 1,500, moreover these machines need to work 24 hours a day with high energy consumption. Bitcoin mining is a costly issue… Therefore, for miners to continue to provide hash energy input, the price of Bitcoin must remain higher than the cost of operations.
In March last year, when the Bitcoin price dropped below $ 4,000, there was a fear that the bitcoin network’s hash rate entry could be seriously damaged as many miners would leave the market due to the low price of BTC. With each halving, mining becomes more expensive because half of Bitcoin mining will be done with almost the same number of miners as before.