Bitcoin (BTC / USD) continues to struggle around $17,000 since it traded sharply lower at the start of November amid the FTX implosion.
The benchmark cryptocurrency is currently positioned near $16,826 on major crypto exchange Coinbase, having ticked down from intraday highs of $16,967.
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BTC miner outflow drops to 11-month low
Bitcoin miniere is key to the blockchain network and miners switch their equipment on and off depending on variuos factors. Profitability is one of then. And amid the market malaise over the past few weeks, the picture has been one of possible miner capitulation.
But while most Bitcoin holders continue unfazed even with major unrealized losses, on-chain data suggests miners’ sale of BTC reserves has reduced significantly.
A number of Bitcoin miners have Inscrisa pentru faliment in recent months, with fading profit margins and the broader macro market conditions laying bare the cash crisis. The turmoil remains, but data on Bitcoin miner outflow suggests a decrease in the total volume of BTC send from miner wallets.
This also comes as the total number of Bitcoin wallets sending to exchanges dropped to a two-year low.
Source: https://invezz.com/news/2022/12/27/bitcoin-poised-near-17k-as-miner-outflow-hits-11-month-low/