With Bitcoin trading under $26,000, miners on the network have begun to empty their wallets. With market sentiments already dampened by the SEC's latest decision, this might put further downward pressure on the coin's price.
that it would be extending the deadline for reviewing all spot Bitcoin exchange-traded fund applications.The SEC’s decision was seen as a blow to hopes of a Bitcoin ETF being approved in the near future, and it weighed on sentiment in the cryptocurrency market. BTC fell as low as $25,470, its lowest level since 16 June.revealed. An assessment of BTC’s Miner to Exchange Flow on a 14-day small moving average revealed a 35% uptick in this metric since 31 August.
“A notable development recently unfolded as the metric experienced a substantial surge simultaneous with Bitcoin’s price touching the $30K mark. Curiously, this surge in miner activity contributed to a significant price retracement, nudging Bitcoin’s valuation downward to the $25K threshold. Subsequently, the metric saw a marked dip, hitting a yearly low,” the analyst found.
Apart from the Miner to Exchange Flow metric, other on-chain metrics used to track BTC mining activity, such as Miner Reserve, confirmed coin exits from miners’ wallets. According to CryptoQuant, BTC’s Miner Reserve has plummeted since 29 August.indicates the reserve that miners have yet to sell. At press time, this stood at 1.83 million BTC. Since 29 August, miners have sold 14,000 BTC., “for the first time ever, $BTC exchange withdrawals surpass deposits for three consecutive months.
According to Ali, the surge in exchange withdrawal might be because investors increasingly opt to retain their holdings in personal wallets, reflecting diminished trust in crypto exchanges and a desire to avoid potential regulatory issues in light of recent changes in the US.
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