Despite Bitcoin’s Price Highs, Onchain Data Shows BTC Miners Are Not Spending...
The cryptocurrency economy has been higher in value than ever before as bitcoin has touched an all-time price high at $24,298 per unit. Regardless of the all-time price highs, the world’s bitcoin miners are not spending more bitcoin than usual according to onchain statistics. Bitcoin miner outflow has been higher during the bull run but also lower than the 2019 top. Speculators assume that when the price of bitcoin (BTC) rises, bitcoin mining operations will sell more coins. However, while BTC has touched a new all-time high (ATH), miners are not selling more bitcoin than usual....
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Bitcoin miners used to be the biggest cryptocurrency dumpers when its price traded near all-time highs. Nevertheless, their sentiment has changed drastically in the latest price rally. Data fetched from Glassnode, an on-chain market intelligence platform, shows that miners are not spending their Bitcoin than usual. It took cues from its proprietary indicator known as […]
This week there’s been a lot of talk about Terra’s Luna Foundation purchasing bitcoin to hold in its reserves pool. Onchain data shows the organization’s wallet has transferred at least three tranches of tether worth $125 million each. Furthermore, reports show that the Luna Foundation has confirmed the recent bitcoin purchases. Onchain Data Indicates Terra’s Luna Foundation Has Sent 3 Tranches of Tether to Purchase Bitcoin, Foundation Confirms Bitcoin Address Two days ago, Bitcoin.com News reported on Terra’s founder Do Kwon discussing how he looks....
Bitcoin miners have been yielding a very profitable year in monthly revenues, as the latest onchain data shows significant figures at its highest levels since 2019. Hourly Bitcoin Mining Revenues Hits 2019 Highs According to Glassnode, BTC miners are currently earning $1 million per hour, meaning an increase of 185% since the halving happened in mid-May when the bitcoin network cut the number of BTC that miners earn for processing transactions in half. The last time miner’s revenue was hovering around such highs was in July 2019, stated Glassnode, adding that “block rewards....
Onchain analytics from the research and analysis firm Glassnode shows that the number of bitcoin whales (addresses with at least 1,000 bitcoins) has surpassed 1,900 clusters. The number of network participants in terms of 1,000 coin whales hasn’t been this high since 2016. Seven-day trailing statistics for the number of whales (addresses with balance ≥ $1k) has increased 2% according to statistics from Glassnode. This means the number of large BTC holders (1,940 clusters ≥ $1k) has increased a great deal since the recent Paypal crypto support announcement. Addresses with....
Production costs for miners are around $34,000, and together with transaction fees, miners need not worry about another $40,000 support challenge on BTC/USD. The Bitcoin (BTC) mining business is bigger than ever at current price levels, and new data shows just how unlikely a mass miner sell-off really is.As noted by popular Twitter account @venturefounder on Jan. 14, even at $42,000, the BTC/USD trading pair is around 20% above miners' cost price.Miner capitulation behind "worst" BTC price dipsDespite falling a full $27,000 below all-time highs, BTC is more enticing than ever for miners.....