Increased Number of BTC MinersJudy Rubio
Professional traders and investors note that the number of BTC miners has increased in the past few days. Their flow to crypto exchanges has greatly spiked and now the percentage has reached forty-six percent. Some participants might feel this rather disturbing while all leading crypto specialists are ready to share their viewpoints and opinions regarding this matter.
Also, according to many experts, what is currently happening should not cause any panic in the crypto community and they say there are three major reasons why the rest of the crypto holders should not become the main concern. On-chain data illustrate individuals who have managed to sell relatively more than they mined in the past few days.
The past week showed that there were many changes in the market and this, in turn, impacted participant’s behavior. Less experienced users suspect that what is now occurring may definitely influence the crypto’s price. On the other hand, specialists analyze the situation and do plenty of research to have found at least three reasons why miners can focus on more important aspects.
It’s clear that miners are fully prepared to start selling their coins in the nearest future. As data analytics resources suggest, the outflows of miners numerous exchanges have raised in the past twenty-four hours.
Reasons Prove There Is No Harm
Let’s see what three reasons the market can consider and why this trend is unlikely to significantly affect the crypto’s price. The first reason proves that the potential sell-off coming from BTC miners goes hand in hand with the rejection of the crypto at eleven thousand four hundred USD.
The second reason, according to many professionals, says that even though there is an over forty-six-percent increase, it might just be ninety-four thousand USD at the present price. As we know, the exchange market managed to process twenty-four billion USD every single day. However, this is not as massive and impressive if we consider the cryptocurrency as a whole.
Finally, the third reason is that the structure of the market in the short-term, as well as much stronger fundamentals, give us quite a positive image. On Tuesday the market witnessed a peak of eleven thousand four hundred USD on several major exchanges. After that, the crypto fell to ten thousand eight hundred USD, which makes a five-percent drop.
Data reports announce that participants sold approximately five hundred and ten BTC more then what they succeeded in mining in the previous week. Considering that the price dropped by five percent in the past two days, it’s very probable that the market priced in the sell-off of the miners. In this case, this additional supply is not going to influence the crypto’s correlation soon.
Moreover, the five-hundred-BTC net spend is not actually high relative and the usual net looks different, as a rule. Miners decided to sell a bit more coins to simply cover expenses. At the same time, it could mean more modest net spend in the nearest days.
Also, statistics demonstrate that participants sometimes sell most of the coins they mine on a regular basis. Specialists remind us of a five-hundred-BTC sell order that equates to five million USD and specialists do not find it uncommon or overly high.
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