For the first time in years, bitcoin miners are in no hurry to sell their mined coins after halving them
Bitcoin miners have moved to accumulate coins after the fourth halving. Our experts recorded in early March one of the longest periods of reduced pressure from miners. And similar to what was observed at the bitcoin price of $16 thousand in January 2023. Pressure on the bitcoin price from miners has been falling for 14 consecutive days. Against the backdrop of growing inflows into spot bitcoin-ETFs and the increasing likelihood of a Fed rate cut in the fourth quarter. Bitcoin miners are now apparently building up their holdings of the cryptocurrency. In order to sell it off at a more favorable price.
CryptoQuant founder Ki Yang Ju noted significant changes in the revenue streams of miners due to the development of applications on the bitcoin network. According to his data, 7% of total revenue streams for miners now consists of transaction fees on the network, up from 1% just two years ago.
This change has been seen consistently over the past four weeks, and therefore has the potential to strengthen the fundamentals of the network, the CryptoQuant executive wrote.
According to experts at Fidelity Digital, the digital assets division within one of the world's leading investment firms, Fidelity Investments. Right now, pressure to sell the first cryptocurrency could come from long-term bitcoin holders. That is, those who have held the cryptocurrency for more than 155 days. The company's April report mentions that 99% of long-term holders of the first cryptocurrency were in profit. Since the beginning of the year, the price of bitcoin has increased by 46%, for a year's growth of 120%. And that, according to experts, may encourage investors to lock in profits, thus causing a correction in the cryptocurrency market.