Mining Outflows Increase As Bitcoin Price Reaches New Highs!

Ever since the US presidential election, the price of cryptocurrency, namely Bitcoin, has been constantly reaching new highs and making history. Since the beginning of this month, cryptocurrency prices have continued their upward momentum. In particular, we have seen Bitcoin grow steadily. And due to the increase in the price of Bitcoin, Bitcoin miners are withdrawing large amounts of their assets from their wallets. Bitcoin miners are withdrawing their money mainly because the price is increasing and the price of Bitcoin is hitting new highs.

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The amount of assets removed by Bitcoin miners is approximately $88,025. Which basically they streamed from their mining pool wallet. The total value of BTC outflows at the time this flow of miners was ongoing was approximately $2.2 billion. This outflow of Bitcoin miners is a statistic. This is a statistic where the mining pool tracks the outflow of BTC from the wallet. This generally counts transactions from all participants, including individual miners, among all miners. This outflow is currently high as the profits for Bitcoin miners are high, especially at the current time when the price of Bitcoin has reached an all-time high.

We know that Bitcoin's miners reward is usually halved every four years. Although their rewards are reduced, they benefit greatly when the price of Bitcoin increases. Help them to halve bitcoins. But another important point here is that when the price of Bitcoin increases, miners usually sell their winnings. Then when the price starts to fall again, they prepare to buy again. Which may explain the recent increase in outflows. Although Bitcoin miners are currently selling off their rewards, the market's current position seems to suggest that there is still room for further growth in this cycle. Factors such as Bitcoin's high hashrate and mining difficulty increase participation index. But another thing here is that miners are currently moving their assets to different addresses for different reasons.

The Bitcoin rally is far from over. But if we review the past history, we can see that the price of Bitcoin increased by a good amount in the month of November. Past history proves that this month is historically the best month for Bitcoin returns. Currently we have seen Bitcoin price trading around $90,000. However, it is expected that before the end of this month, the price of Bitcoin may cross $100,000.

If we look at past Bitcoin halving times and if they hold then Bitcoin price will easily push above $100,000 this month. Because of this we also know that Donald Trump's recent victory in the presidency is one of the positive sites for Bitcoin as we know US President Donald Trump is crypto friendly and who declared New York City as the crypto capital of the world long ago. So his newly elected second term as president will intensify crypto adoption in the US. So it can be assumed that within a short span of time, within this month, the price of Bitcoin will once again reach new highs, setting the stage to easily cross $100,000.