CryptoQuant, a well-known platform providing market and on-chain data analytics, has recently provided details regarding Bitcoin miners. As per the company, Bitcoin (BTC) miners are showing a change in their behaviour. CryptoQuant took to X to disclose the statistics in this respect. The firm noted that the miners were playing the role of sellers back in August last year.
CryptoQuant Discloses the Start of Accumulation by Bitcoin Miners
On the other hand, May 2023 witnessed a quite different situation. In addition to this, the firm mentioned that on the 27th of May, they began accumulating tokens. The data analytics firm also pointed out that the technical indicators label this move to be in the miners’ best interest. According to CryptoQuant this development economically suits the miners.
While providing more details regarding this, the company said that the accumulation of the tokens before the halving event is very beneficial. On the other hand, Bitcoin’s halving is going to take place in April next year. In the initial fifteen days of July this year, the outflows were muted as the price soared in a close range of up to 29k to 31k. Following that, Bitcoin’s significant inflows into spot crypto exchanges took place in the last days of July.
Bitcoin Still Goes Through the Bear Market Rally
In addition to this, the platform brought to the front that SOPR values have recently been moving around 1. It added that their range bound keeps on showing the player-vs-player (PvP) nature of the respective market. It also disclosed that no new funds are coming in. Following that, the on-chain analytics forum expressed the consistent position of the top crypto asset in terms of value in recent times. In this respect, it asserted that Bitcoin has not remained effective in reaching a zone of euphoria as it is still going through a bear market.
