The interest of miners in the sale of mined BTC is at a minimum level in 5 years – analyst Lex Moskovsky writes about this, referring to data from Glassnode. According to him, “miners are selling very little now,” the supply of bitcoins from mining companies has dropped markedly.
Analysts talk about a possible rise in the price of cryptocurrency # 1.
The head of CryptoQuant, Ki Yang Joo, also confirms this fact, noting that the corresponding trend has been observed from March this year to the present moment.
Meanwhile, the head of the mining company Hut 8, James Leverton, said that the organization intends to increase its own ownership of bitcoins from the current 3,806 BTC, to 5,000 BTC by the end of this year, that is, by about a third.
Hut 8 also intends to quadruple the corporate bitcoin hash rate.
#Bitcoin miner outflows hit a 5-year low yesterday.
Miners are not selling much these days. pic.twitter.com/AXOFdbYMTc
– Lex Moskovski (@mskvsk) June 27, 2021
It is also worth noting that according to Joseph Young, “the outflow of bitcoins from the world’s key crypto exchanges is starting to increase.” Although he is in no hurry to say that Bitcoin will start growing again immediately, he believes that there is a considerable possibility of a change in the market situation that has already taken shape.
Bitcoin outflows from major exchanges are starting to increase.
Don’t think it’s start of bull trend yet, but it’s promising for now.
– Joseph Young (@iamjosephyoung) June 28, 2021
On June 30, Bitcoin traded at $ 35,000. Further levels that cryptocurrency # 1 must pass are 37 thousand and 40 thousand dollars. After surpassing the $ 40K mark, Bitcoin could potentially enter a sustained upward trajectory.
Raul Pal, founder of Global Macro Investor, believes that the combination of a significant global economic recovery and significant inflation could potentially lead to a rise in the price of gold and bitcoin as early as July.