Miners reduced bitcoin sales in January

  • Ultramining.com
  • 11:56 Jan 25, 2023
Miners reduced  bitcoin sales in January

If in 2022 mining pools mainly sold bitcoins, then in January they changed their strategy. Most pools prefer off-exchange or offline storage of cryptocurrencies.

Miner-linked wallet reserves have dropped to their lowest level since 2019, Bitfinex analysts said in a report. The surge of bitcoin in January 2023 above $23,000 was a direct result of the reduction in the available cryptocurrency on the trading floors.

In the middle of the month, the trend began to change, and miners resumed replenishing exchange wallets. They made money on the January BTC run and took profits.

According to the CryptoQuant platform, as of January 25, miner-affiliated exchange addresses hold a total of 1.836 million bitcoins.

Sharp movements between the wallets of miners were observed in the middle of the current month, that is, just at the time of the rise of the cryptocurrency. At the beginning of this week, the activity of wallets associated with mining pools began to weaken.

When miners start sending cryptocurrency to exchanges, you need to get ready to dump it, since pools are one of the most active sellers.

Accordingly, if the exchange addresses of companies mining BTC are not replenished, then this is a bullish signal, as the supply of cryptocurrency on the market is reduced and its price is growing.

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