Bitcoin price is still fighting to break back above $60,000 per coin, but things could push higher according to miner behavior. After dumping more than a half a million BTC on the market during the bull rally, and barely being able to make a dent in terms of price decline, miners might have finally given in and started holding their coins for the sudden surge ahead.
Miners Dump More Than Half A Million BTC Since 2021 Started
Bitcoin isn’t just an asset to invest in, its a blockchain network and cryptocurrency ecosystem. It is digital gold, and potentially, so much more. The leading cryptocurrency by market cap has emerged as the “stimulus asset,” thriving in the current economic environment.
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Since the global pandemic began, and efforts to thwart economic impact first resulted in unprecedented money printing, the cryptocurrency’s price per coin has ballooned. From the onset of the pandemic through now, the price per BTC has risen from under $4,000 to more than $61,000 at the current peak.
Even with more than half a million BTC dumped, miners couldn’t dent the bull run | Source: BTCUSD on TradingView.com
On the way up, a critical cog in the Bitcoin puzzle, miners, have been dumping BTC all along. In total, miners have poured more than 666,000 BTC into the market during a time when few are selling their coins, and exchange reserves continue to dwindle.
Even with so much supply coming from miners, the uptrend …
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