• Bitcoin miners aren’t selling their funds, and here’s why this could be a good thing

  • According to CryptoQuant CEO Ki Young Ju’s tweet, cryptocurrency miners are still on the “bull side” despite the mining crackdown in mainland China. According to on-chain data, a number of miners are gradually recovering, with the United States overtaking China in network hashrate and the absence of selling pressure from their wallets.

    Previously, ULTCOIN365 reported that miners had “migrated” to the United States, with a significant increase in hashrate coming from the country following the complete destruction of the industry in mainland China. Miners’ wallets will see increased inflows of various cryptocurrencies as their hashrate recovers. Despite the fact that wallets show a recovered inflow rate, outflows appear to be nonexistent in the current market conditions.

    Why are miners refusing to work?

    The absence of selling pressure from miners could be attributed to overall market sentiment and recent Bitcoin movements. Increases in the miners’ position index have coincided with strong and volatile Bitcoin movements.

    The most recent miner sell-off occurred in January 2021, when Bitcoin formed the first spike in the new bullrun. Following the sell-off, BTC retraced by 25% and only recovered its previous price in February.

    What's your reaction?