The share of bitcoins sent by miners to exchanges fell to an annual low
In the second quarter, bitcoin miners reduced their transfers to cryptocurrency exchanges to the lowest level in the last 12 months, according to a report from CoinDesk. On May 20, the share of bitcoins sent by miners to exchanges fell to 15%, or a 365-day low. The indicator decreased from April to June.
“It looks like at least miners are counting on being able to sell their bitcoins higher in the coming months,” analysts write..
It is noteworthy that miners continued to restrict transfers even at a time when the bitcoin price stopped showing significant changes after halving and was limited by the $ 9,000 – 10,000 channel.
Analysts say the data is consistent with forecasts suggesting that the exchange rate will rise in the foreseeable future. So, Bloomberg Crypto in its report for May wrote that by the end of the year Bitcoin could rise to historical highs of about $ 20,000.
At the same time, ByteTree founder Charlie Morris doubts that the accumulation of bitcoins by miners should be considered a bullish sign. According to him, miners do this when they believe that the market is not able to absorb their supply without a significant depreciation..
So far, bitcoin is not showing readiness to grow, despite the falling pressure from miners. In recent days, the cryptocurrency has shown a moderate decline, again returning to values around $ 9,000.
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