Bitcoin Miners Stop Selling Aggressively: Why This Could Be Big for BTC

BTC's price recovery from the early July lows have dramatically improved conditions for miners. The impact has started to show. CryptoQuant’s latest weekly report, shared with CryptoPotato, said that bitcoin miners’ revenues have jumped 78% from the July lows, profitability has improved, and the extreme miner outflows have disappeared. After concluding that these major network participants have emerged from their toughest period of the year, CQ added that BTC’s price could further benefit due to the removal of this consistent selling pressure. Selling Pressure From Miners Is Fading The report highlighted no extreme miner outflow events since August 21, when roughly 29,000 left wallets associated with them as the cryptocurrency’s price rallied from under $65,000 to $76,000. The largest daily outflows were approximately 12,000 BTC, within what the analytics company considers a normal range. Older miners are also selling substantially fewer units. Excluding Patoshi-associated BTC, Satoshi-era miners moved approximately 600 units out of their wallets in September, around 70% below January’s 2,000 BTC. At the same time, their combined holdings remain close to 590,000 bitcoins. The trend...