Originally published on: November 14, 2024
As Bitcoin continues its bullish run, miners are taking action by moving substantial amounts of their holdings out of wallets. This comes as the cryptocurrency hits new record highs, showing the confidence in the market’s current momentum.
According to data from CryptoQuant, over 25,000 Bitcoins flowed out of mining pool wallets on Nov. 12, totaling around $2.2 billion as the price reached $88,025. This statistic tracks BTC outflows from mining pool wallets, capturing transactions from all participants, including individual miners.
Analysts suggest that miners are looking to lock in profits as the market peaks, preparing for the upcoming Bitcoin halving event that will cut mining rewards in half. While this may explain the recent surge in outflows, experts believe there is still room for further growth in the current cycle.
Despite the high volume of BTC sold, experts argue that miners may not necessarily be selling their assets. These outflows could be attributed to a variety of reasons, such as transferring funds to exchanges for potential selling or internal wallet transfers.
Looking ahead, analysts predict continued growth for Bitcoin, with some projecting a price target of $100,000 before the end of November. Historical data shows that November is typically a strong month for Bitcoin returns, further supporting the optimistic outlook for the cryptocurrency.
As political events, such as Donald Trump’s recent victory, continue to impact market sentiment, experts believe that crypto adoption will intensify, paving the way for BTC to surpass $100,000 in the near future. With increasing participation and high mining difficulty, the stage is set for further upside in Bitcoin prices.
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