- Miners sold their BTCs before the halving
- The percentage of miners’ revenue from transaction fees also rose
Bitcoin from miners [BTC] According to IntoTheBlock, holdings fell to a 12-month low ahead of the now-completed halving. This could be a sign that the network’s miners sold their coins before the halving actually took place.
As Bitcoin enters the halving, miners’ BTC holdings hit a 12-year low. This indicates that miners have been net sellers leading up to the halving. pic.twitter.com/WNi74RkluG
— IntoTheBlock (@intotheblock) April 19, 2024
The increase in coin sales by BTC miners before their rewards were cut was inferred from the spike observed in the coin’s Miner to Exchange Flow.
The Miner to Exchange Flow metric measures the amount of BTC flowing from miners to exchanges. When this statistic increases, miners are selling more BTC than they are mining. This is often interpreted as a sign that miners are bearish on the price of Bitcoin.
According to CryptoQuant’s According to data, on April 19, BTC miners sent 366 BTC worth $23.45 million to crypto exchanges at current market prices. This represented a 128% spike from the 126 BTC sent by miners to exchanges on April 18.
At the time of writing, the amount of BTC in the wallets of affiliated miners totaled 1.81 million BTC.
Miners are the “winners”
As Bitcoin network users gather to mint fungible tokens following the launch of the Runic Protocolthe fees users pay to record transactions in blocks have increased significantly. The Runes Protocol, created by Casey Rodmarmor, the creator of Bitcoin Ordinals, is described as a more efficient way to create new tokens on the Bitcoin network.
According to data from Bitcoin block explorer mempool.spacethe halving block, Block 840,000, received 40.7 BTC worth over $2.5 million in fees as users gathered to “etch” new tokens onto the network.
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In addition, data from Messari revealed that due to the increase in transaction fees, the percentage of miner revenue from fees has increased accordingly. At 15% at the time of writing, this has increased by 50% in the last 24 hours alone, according to the on-chain data provider.
At the time of writing, BTC was valued at $64,262, thanks to a small 3% price increase in 24 hours. CoinMarketCap.
However, during that period, daily trading volume fell by 8%. This difference could indicate the possibility of a short-term decline in prices as exhaustion sets in.