Bitcoin Miners Shift Billions Amid Record High Prices

Bitcoin miners are actively transferring large amounts of BTC from their wallets as the cryptocurrency’s price surges to record highs above $93,000.

According to recent data, on November 12, about 25,367 BTC—worth approximately $2.2 billion—was moved out of mining pool wallets when Bitcoin’s value hit $88,025. This data, which monitors outflows from mining pool wallets, includes transactions from both mining pools and individual miners.

An onchain analyst suggests that miners often take profits during price upswings to prepare for market shifts. By cashing out some BTC now, miners aim to position themselves for any potential downtrends.

However, the analyst noted that despite recent selling, there’s still “ample room for further growth,” supported by high mining participation and Bitcoin’s rising hashrate, both indicators of potential upward momentum.

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Miner outflows don’t necessarily imply BTC is being sold. Miners could be moving their assets for various reasons, such as transferring funds to exchanges with an intention to sell or making internal wallet transfers.

In the broader market outlook, Bitget Research’s chief analyst Ryan Lee noted that November historically yields strong returns for Bitcoin and predicted it could reach $100,000 by month’s end if the trend continues. Bitfinex analysts also highlighted that Donald Trump’s recent election victory might accelerate U.S. crypto adoption, setting the stage for Bitcoin to potentially surpass $100,000 soon.

Alexander Zdravkov