Concerns about Bitcoin BTC/USD miner selling have been resolved, opening the door to a potential rally, according to on-chain data.
What Happened: Cryptoquant data shows selling volume from miners diminishing for several reasons:
- The amount of bitcoin sent by miners to exchanges has dropped significantly since May.
- The over-the-counter trading volume used by miners for selling purposes has been digested.
Cryptoquant sees this as sufficient evidence for the start of an upward rally in the third quarter of 2024.
Why It Matters: On June 24, crypto trader Carl B MENGER noted that in June, Bitcoin miners sold more than 30,000 BTC, worth $2 billion.
Bitcoin investor Mike Alfred tweeted highlighted that a push to $63,000 could cause mining stocks to explode higher.
Another trader highlighted the increased demand for miner stocks following their push for new partnerships with artificial intelligence companies.
Some of the major miners are Marathon Digital Holdings MARA, Riot Platforms RIOT, CleanSpark Inc. CLSK and Hut 8 HUT.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
