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There has been intriguing development in the cryptocurrency market, with the total amount of Bitcoin held in miner addresses dropping down to levels last seen in August 2021. The miner balances are currently holding approximately 1.187 million Bitcoin, which signifies a substantial reduction of 15k BTC since October 2023. However, it’s important to note these alterations doesn’t necessarily mean that miners are selling off their Bitcoin holdings. The collected data suggests that a minimal quantity of Bitcoin has been transferred to exchanges, thus making it more likely that we are observing a wallet reorganization rather than a massive sell-off.
The F2 Pool appears to be the primary source of Bitcoin sent to exchanges, with this trend being noticeable since early January. This could possibly contribute to an increase in sell pressure if these miners choose to sell their assets. A few potential influencing factors could be the lowest Bitcoin fees since the Inscriptions frenzy in November, as well as the approaching Bitcoin halving in April. In addition to this, the mining proxy ETF, WGMI, has experienced a significant decline of 38% in just a month, while Bitcoin price also saw a drop. These changes contribute to the growing speculation around the circumstances and leave many questions unanswered for the Bitcoin miners.
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