To properly understand the current Bitcoin market sentiment, it is essential to look at relevant data. The current BTC miners’ outflow is hitting a three-month low, which is a bullish trend. Additionally, there is a new all-time high of addresses holding 0.1 BTC or more.
A Welcome Decrease In Miners’ Outflow
No one can deny that Bitcoin miners play an integral role in the broader cryptocurrency ecosystem. They are responsible for including transactions in blocks and moving the network along. Without miners, Bitcoin as a network will serve no future purpose unless the developers change the consensus algorithm. Such a change is doubtful, as there is no need to prevent mining from happening before the year 2140.
Due to these miners’ importance, many people keep close tabs on how miners handle their earnings. Most of them will sell their earnings partially or in full whenever the opportunity arises. This metric is known as the miners’ outflow, indicating how many Bitcoin they send to centralized exchanges.
When this outflow rises, it is likely the value of Bitcoin remains subdued for a while. A decrease in miners’ outflow tends to get some analysts excited, even though the impact isn’t always visible. Currently, the miners’ outflow is at a three-month low of 505.553 BTC. Considering this was a relatively low amount, considering this was well above 75 BTC for the majority of the past few months.
As is often the case, no one knows why this metric is decreasing as of late. A rising Bitcoin price will often require miners to sell fewer BTC to recover their operational costs. As Bitcoin continues to push for $60,000, the miners’ outflow may continue to decrease for a few more weeks. Concluding that miners will not keep the BTC price down is impossible, as there are many other factors at play.
More Addresses Holding 0.1 BTC
To make the Bitcoin price go higher, people need to buy more BTC than others are willing to sell. That may seem simple on paper, but the reality is often very different. Finding people ready to buy Bitcoin at the current price is a severe challenge. Thankfully, everyone can buy a fraction of a BTC, depending on their budget.
Per Glassnode, there are now more addresses holding 0.1 BTC than ever before. Recording a new all-time high for this metric is crucial at this time. With 3,231,082 addresses holding 0.1 BTC, the circulating supply gets distributed more fairly. Holding 0.1 BTC or more is currently worth over $5,800, a significant value for most people on this planet.
The metric above confirms global interest in Bitcoin is not slowing down yet. Although the growth curve has become less steep, any positive progress deserves a highlight. More addresses holding 0.1 BTC or more is an essential development worth keeping tabs on.