{"id":658689,"date":"2024-12-08T02:00:29","date_gmt":"2024-12-08T02:00:29","guid":{"rendered":"https:\/\/ktsl888.com\/?p=658689"},"modified":"2024-12-07T11:32:50","modified_gmt":"2024-12-07T11:32:50","slug":"bitcoin-miners-move-85503-btc-price-unaffected-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-miners-move-85503-btc-price-unaffected-heres-why\/","title":{"rendered":"Bitcoin Miners Move 85,503 BTC, Price Unaffected – Here\u2019s Why"},"content":{"rendered":"

From attaining a six-figure market price<\/a> to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week. Among these rapid developments on the largest digital asset, blockchain analytics company Santiment has observed a massive decline in mining balance.
\n<\/span><\/p>\n

Related Reading: Bitcoin Sets New ATH Above $104,000, Yet Investors Don\u2019t Want To Sell<\/a><\/div>\n

Bitcoin Miners Offload 85,503 BTC In 48 Hours<\/strong><\/h2>\n

On Friday, Santiment shared a report<\/a> on Bitcoin mining wallets activity in correlation to the asset\u2019s price. <\/span>According to the analytics firm, there has been a consistent decrease in the Bitcoin collective mining balances since April 2024 indicating that miners have been gradually selling their BTC or moving funds to another wallet.<\/span><\/p>\n

However, Santiment states these mining wallets have now transferred out 85,503 BTC, valued at $8.56 billion, over the last 48 hours, which represents the largest drop in miner balances since late February prior to Bitcoin\u2019s surge to $73,000.<\/p>\n

\"Bitcoin
Source: Santiment<\/figcaption><\/figure>\n

Generally, increased outflows from miners could indicate a bearish shift in price momentum. However, the team at Santiment postulates the recent BTC offload should be considered a net-neutral signal with no inking on Bitcoin\u2019s price movement.\u00a0<\/span><\/p>\n

This notion is based on Bitcoin miner balances showing a weak correlation with price for the majority of 2024. Moreover, non-mining whales and sharks continue to accumulate Bitcoin signaling confidence among investors in the asset\u2019s profitability despite miner activity.
\n<\/span><\/p>\n

Interestingly, popular crypto analyst Ali Martinez recently provided some<\/a> update on this accumulation trend stating that BTC whales have acquired 20,000 BTC, valued at $2 billion, over the past 24 hours.\u00a0<\/span><\/p>\n

Nevertheless, the constant decline in miner balances remains an important concern for Bitcoin investors. Aside from an ability to induce a bearish sentiment, miners transferring out BTC may draw speculations over mining profitability, which is critical to sustaining the Bitcoin network.
\n<\/span><\/p>\n

Related Reading: As Bitcoin Trades Above $100K\u2014Analysts Reveal What Could Be Next<\/a><\/div>\n

Bitcoin Price Overview<\/strong><\/h2>\n

At the time of writing, Bitcoin trades at $100,119 following a 3.67% price increase in the past 24 hours. On larger time frames, Bitcoin is equally in profit as evidenced by gains of 2.92% and 32.60% in the last seven days and 30 days, respectively.\u00a0<\/span><\/p>\n

The largest digital asset is preparing to face minor resistance at $102,000 following an earlier rejection. If the market bulls are able to produce a breakout, Bitcoin maintains a prolonged price rally that began in early October.<\/span><\/p>\n

Based on previous bull cycles, the premier cryptocurrency is touted to gain by an average of 38.86% in December, with the potential to trade as high as $140,000<\/a> before 2024 runs out.<\/p>\n

\"Bitcoin
BTC trading at $100,125 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from Britannica, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

From attaining a six-figure market price to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week. Among these rapid developments on the largest digital asset, blockchain analytics company Santiment has observed a massive decline in mining balance. Related Reading: Bitcoin Sets New ATH Above $104,000, Yet Investors Don\u2019t Want To Sell Bitcoin Miners Offload 85,503 BTC In 48 Hours On Friday, Santiment shared a report on Bitcoin mining wallets activity in correlation to the asset\u2019s price. According to the analytics firm, there has been a consistent decrease in the Bitcoin collective mining balances since April 2024 indicating that miners have been gradually selling their BTC or moving funds to another wallet. However, Santiment states these mining wallets have now transferred out 85,503 BTC, valued at $8.56 billion, over the last 48 hours, which represents the largest drop in miner balances since late February prior to Bitcoin\u2019s surge to $73,000. Generally, increased outflows from miners could indicate a bearish shift in price momentum. However, the team at Santiment postulates the recent BTC offload should be considered a net-neutral signal with no inking on Bitcoin\u2019s price movement.\u00a0 This notion is based on Bitcoin miner balances showing a weak correlation with price for the majority of 2024. Moreover, non-mining whales and sharks continue to accumulate Bitcoin signaling confidence among investors in the asset\u2019s profitability despite miner activity. Interestingly, popular crypto analyst Ali Martinez recently provided some update on this accumulation trend stating that BTC whales have acquired 20,000 BTC, valued at $2 billion, over the past 24 hours.\u00a0 Nevertheless, the constant decline in miner balances remains an important concern for Bitcoin investors. Aside from an ability to induce a bearish sentiment, miners transferring out BTC may draw speculations over mining profitability, which is critical to sustaining the Bitcoin network. Related Reading: As Bitcoin Trades Above $100K\u2014Analysts Reveal What Could Be Next Bitcoin Price Overview At the time of writing, Bitcoin trades at $100,119 following a 3.67% price increase in the past 24 hours. On larger time frames, Bitcoin is equally in profit as evidenced by gains of 2.92% and 32.60% in the last seven days and 30 days, respectively.\u00a0 The largest digital asset is preparing to face minor resistance at $102,000 following an earlier rejection. If the market bulls are able to produce a breakout, Bitcoin maintains a prolonged price rally that began in early October. Based on previous bull cycles, the premier cryptocurrency is touted to gain by an average of 38.86% in December, with the potential to trade as high as $140,000 before 2024 runs out. Featured image from Britannica, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":658691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[71127,639,640,1144,78790,57231],"class_list":["post-658689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-71127","tag-bitcoin-miners","tag-bitcoin-mining","tag-btcusd","tag-btcusdt","tag-santiment"],"acf":[],"yoast_head":"\nBitcoin Miners 85,503 BTC Transfer To Yield Neutral Effect On Price - Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Amongst multiple developments on the largest crypto asset, Santiment has observed a massive decline in Bitcoin miners' balance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-miners-move-85503-btc-price-unaffected-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Miners 85,503 BTC Transfer To Yield Neutral Effect On Price - 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a \u201cmusic nomad\u201d always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.","sameAs":["https:\/\/www.linkedin.com\/in\/semilore-faleti-7a9046218","https:\/\/x.com\/https:\/\/twitter.com\/SemiloreFaleti"],"url":"https:\/\/ktsl888.com\/author\/semilorefaleti\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Move 85,503 BTC, Price Unaffected – Here\u2019s Why","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-miners-move-85503-btc-price-unaffected-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-miners-move-85503-btc-price-unaffected-heres-why\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/12\/Bitcoin-and-crypto-mining-farm.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/12\/Bitcoin-and-crypto-mining-farm.jpg?fit=1920%2C1080"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Semilore Faleti"}],"creator":["Semilore Faleti"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["$100000","bitcoin miners","bitcoin mining","btcusd","btcusdt","santiment"],"dateCreated":"2024-12-08T02:00:29Z","datePublished":"2024-12-08T02:00:29Z","dateModified":"2024-12-08T02:00:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Move 85,503 BTC, Price Unaffected – Here\\u2019s Why\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-miners-move-85503-btc-price-unaffected-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-miners-move-85503-btc-price-unaffected-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/Bitcoin-and-crypto-mining-farm.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/12\\\/Bitcoin-and-crypto-mining-farm.jpg?fit=1920%2C1080\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Semilore Faleti\"}],\"creator\":[\"Semilore Faleti\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"$100000\",\"bitcoin miners\",\"bitcoin mining\",\"btcusd\",\"btcusdt\",\"santiment\"],\"dateCreated\":\"2024-12-08T02:00:29Z\",\"datePublished\":\"2024-12-08T02:00:29Z\",\"dateModified\":\"2024-12-08T02:00:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/12\/Bitcoin-and-crypto-mining-farm.jpg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/658689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/581"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=658689"}],"version-history":[{"count":8,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/658689\/revisions"}],"predecessor-version":[{"id":659008,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/658689\/revisions\/659008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/658691"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=658689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=658689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=658689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}