Bitcoin Miners Reduce Withdrawals Amid Price Decline
Bitcoin's price remains below $88,000, having declined 10.1% over the past two weeks amidst selloffs and lack of upward momentum.
Miners Hoard Their Bitcoin
- Bitcoin miners have reduced withdrawal activity significantly since December 2024.
- Miner reserves have remained steady, indicating miners are holding onto their mined Bitcoin.
- This behavior follows a period of selling when prices were higher.
- Analyst BilalHuseynov noted that miners are gathering Bitcoin during downtrends rather than cashing out.
- This strategy may help stabilize prices in the long term by reducing supply pressure.
Institutions Step In
- Analyst Amr Taha reported significant outflows from Coinbase Advanced, signaling aggressive accumulation by institutional investors.
- Large withdrawals suggest long-term holding strategies rather than short-term speculation.
- These movements may relate to Bitcoin ETF activity, indicating increased underlying demand.
- Current price for Bitcoin is $85,365, reflecting a 1.4% decrease in the past day and an 11.8% drop over the past week.
