Bitcoin Miners Buck Trend, Hold Onto Coins Despite Price Rise

• On-chain analysts have spotted a significant behavior in Bitcoin miners’ activity this year.
• The miner-to-exchange transfer rate has dropped despite Bitcoin’s rally.
• Analysts consider recent miners’ behavior a bullish signal for Bitcoin.

On-chain analysts have noticed a key trend in Bitcoin miners’ behavior this year. Even with the rise in BTC price, the miner-to-exchange transfer rate has significantly decreased, suggesting that BTC miners are choosing to keep their coins. At the same time, a JP Morgan analyst noted that August saw the lowest-ever Bitcoin mining profitability, while the U.S. share of network hashrate climbed to a record 26%.

JUST IN : According to a JPMorgan analyst, August saw the lowest ever #Bitcoin mining profitability. Meanwhile, the U.S. portion of network hashrate soared to a record 26%. Stay ahead of the curve with us. #CryptoNews #Blockchain

— THΞ FΞNNΞC (@FennecSpirit) August 16, 2024

Historically, Bitcoin miners tend to transfer more BTC to centralized exchanges during price rallies. This pattern suggests a profit-taking move as miners capitalize on the increasing value of the flagship cryptocurrency.

This year’s…

The post Bitcoin Miners Buck Trend, Hold Onto Coins Despite Price Rise appeared first on Coin Edition.