After the official US inflation numbers were released, bitcoin prices started to rise. However, during the previous month, the BTC miners have increased their outflow.
A new set of tax policies targeted at preventing domestic cryptocurrency mining were unveiled by Kazakhstan, which is still a significant nation in the world of Bitcoin mining.
During a halt in worldwide activity and fire sales connected to recent bankruptcy-related news, prices for Bitcoin mining rigs are also said to have fallen to epidemic lows for 2020.
Most significantly, Texas power grid operators have asked all Bitcoin miners to cease operations in order to lessen the strain on a power grid that is already overloaded.
Bitcoin Miners Inflow Reach New ATH
IT Tech reports that Bitcoin miners transferred over 14,000 BTC to an exchange in a single block. The transfer from the miner wallet to the exchange was noted as being unfavorable for the market. According to their definition of mining pool wallets in their stats, all pool members—including the specific miner—are included.
One user did point out that those Bitcoin were not reflected in the spot market or derivatives, though. Glassnode reported that the BTC Miners’ Netflow Volume on a 7-day moving average (MA) basis hit an all-time high (ATH) of $1,779,953. In the first week of January 2022, an ATH of $1,700,940 was registered.
This outflow did not stop on the exchange wallet, according to Ki Young Ju, CEO of CryptoQuant. It will probably end up in a custodial cold wallet. This can be utilized as an OTC deal or as a custodial service. In his opinion, the news is either bullish or neutral.
Miner just moved 14k $BTC:
Poolin participants → Unknown walletIt didn’t go to an exchange wallet but more like a custodial cold wallet. It could be for using a custodian service or an OTC deal. It’s neutral or bullish news.
Nice catch @IT_Tech_PL https://t.co/G25DsK2nR6 https://t.co/rYmqVaoTAR
— Ki Young Ju (@ki_young_ju) July 15, 2022
Related Reading | Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter?
Price May Surge?
Additionally, open interest is increasing, according to IT Tech, and the market may soon experience growth. The Bitcoin miner reserves have decreased during the last two weeks, according to the study. This, however, may be a significant sign of waning confidence in a price turnaround.
Within the past 24 hours, the price of bitcoin has increased by more than 6%. BTC is currently trading for $20,953…
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