Bitcoin miners hold firm as stocks sink – What it means for BTC
Bitcoin miners are maintaining their holdings despite financial strain, as indicated by a decline in BTC sent to exchanges. Despite the Miners' Financial Health Index signaling bear-market conditions and mining stocks falling significantly, the seven-day moving average of miner-to-exchange flows dropped nearly 36% in early July. This reduction in immediately available supply could ease selling pressure on Bitcoin, potentially supporting its price as it attempts to reclaim $65,000. However, the decrease in exchange transfers does not definitively confirm accumulation, as miners may be using other venues. The increase in the dollar value of miner wallets is largely attributed to Bitcoin's price appreciation during the period.
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