From Oct. 15 to Nov. 15, Bitcoin exchange outflows dropped from 2.5 million to 2.355 million, the lowest levels since August 2018.
In the same period, Bitcoin miners mined around 27,000 BTC, equivalent to around $437.4 million.
Since miners have been mining 900 BTC daily after the May 11 halving, 900 BTC times 30 days equals 27,000 BTC. This aggressive accumulation trend seen in the Bitcoin market shows that investors anticipate a prolonged post-halving uptrend.
After each block reward halving, the number of Bitcoin miners can mine per day declines by half.
The amount of available Bitcoin on exchanges is significantly reduced since less BTC getting mined per day alongside rising exchange outflows.
If the demand for Bitcoin continues to rise, then the decline in supply would cause the value of BTC to surge.
The growing hash rate of the Bitcoin blockchain is another potential catalyst for BTC heading into 2021.
The Bitcoin hash rate recovering so quickly after the rainy season is an optimistic trend because it suggests that miners are likely expecting the price of BTC to rise in the medium term.
The Grayscale Bitcoin Trust has evolved into the go-to investment vehicle for institutions that want to gain exposure to BTC. Other institution-tailored platforms, such as CME's Bitcoin futures exchange, are nearing record-high volumes and open interest.
The combination of rising capital inflows into institutional platforms and the decreasing supply of available Bitcoin on exchanges suggest that the demand for BTC is likely increasing as the price gets closer to its all-time high.
$2.3B in Bitcoin exchange outflows dwarfs the amount of new BTC mined
Publicado en Nov 16, 2020
by Cointele | Publicado en Coinage
Mencionado en este artículo
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