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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.