The post Bitcoin Miner Balance Sees 85,503 BTC Drop in 48 Hours appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin (BTC) miners have recorded a significant drop in the total BTC held in wallets associated with miners. In a post on X, Santiment, an on-chain analytics platform, highlighted the shift in Bitcoin’s mining balance. There was a drop of 85,503 BTC within 48 hours. Miner activity: Selling pressure or strategic shift? According to Santiment, this extreme drop could have implications for the market. Although mining balances have dropped since the April halving, this new drop signals stronger implications. Notably, it suggests that there is selling pressure, but that it is not linked to price movements. Related This movement of over 85,000 BTC is the highest since February 2024. In February, the BTC price was still below the previous all-time high (ATH) of $73,000. ⛏️📉 Bitcoin’s collective mining balances have been dropping since April, 2024. However, this latest drop of 85,503 BTC in just 48 hours is the most extreme we’ve seen since late February (2 weeks before the then $73K all-time high). Note that these wallets have NOT been… pic.twitter.com/gTQPoS7IzC — Santiment (@santimentfeed) December 6, 2024 This recent movement might trigger price movement, as it occurred in February before Bitcoin hit an ATH about two months later. Despite the historical significance of miner activity, Santiment holds a different view. The platform emphasized that mining wallets have not strongly…

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Filed under: News - @ December 7, 2024 1:17 am