Bitcoin Miner Inflows Hit Record $1.87 Billion Amid Network Strength

Bitcoin Market Overview

  • Bitcoin (BTC) trades at $115,866, with a 5% increase over the past week.
  • The asset remains above its 20-day EMA of $113,000 and 50-day EMA of $133,200.
  • Market analysts indicate support at $108,500 and resistance at $116,200.
  • A breakout above $116,200 is needed to confirm upward movement; otherwise, consolidation is expected.

Miner Inflows Reach Record Levels

  • On-chain data shows Bitcoin miner inflows to exchanges hit an all-time high of $1.87 billion on August 13, currently at $1.54 billion.
  • This increase may signal potential miner capitulation or profit realization.
  • Such inflows could lead to supply-side resistance and increased volatility.

Network Strength

  • The Bitcoin network hash rate reached 1.12 billion TH/s on September 12, with mining difficulty at an all-time high of 136.04T.
  • The next adjustment on September 18 is projected to increase difficulty by 6.38% to 144.72T.

ETF Inflows Indicate Institutional Demand

  • US spot Bitcoin ETFs saw inflows of $642.35 million on Friday, with cumulative net inflows reaching $56.83 billion.
  • Total net assets are now $153.18 billion, approximately 6.6% of Bitcoin's market cap.
  • Fidelity’s FBTC had the highest inflows at $315.18 million, followed by BlackRock’s IBIT at $264.71 million.
  • Overall trading volumes for all spot Bitcoin ETFs exceeded $3.89 billion.