The Fall in Miners BTC Reserves Continues
While company-related risks continue in the crypto money market, Bitcoin miners continue to have hard times. The latest data provided by Glassnode revealed that Bitcoin reserves of mining companies continued their downward trend as of last week. According to the data, miners sold about 7,700 BTC last week. Accordingly, with these sales, total reserves fell by 10%.
The Bitcoin mining hash rate, which reached record highs last month, meant that the costs of crypto miners were also increasing. As of November, the miners, who were somewhat relieved by the decline in the hash rate, are still struggling to meet their costs. In the comments made by Glassnode after the BTC sales last week, it was stated that this decrease was the hardest drop since September 2018.
The tendency of miners to accumulate BTC is considered as a leading indicator that prices will rise from time to time. A decrease in the graph can be interpreted as a further decrease in prices, while the costs of mining companies are also a decisive point. Because companies can decide to sell the Bitcoins in their reserves to cover the expenses arising from their activities.
The sharp decline seen last week can be attributed to the FTX bankruptcy, which plunged the crypto market into new chaos. The fear of the FTX collapse, which has been increasing over the past week, may have triggered the sale of BTC in its miners. It is also seen that miners accelerate their sales with Bitcoin falling below $ 20,000 in the crisis environment last week.
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