In a striking display of market resilience, Bitcoin achieved a yearly high on Thursday, reaching $36,847, the highest price point in one and a half years. This bullish trend persisted even as data from TheMinerMag revealed a significant increase in the liquidation-to-production ratio for Bitcoin in October, surging to 105%. This figure starkly contrasts with the ratios recorded in the previous three months—64% in July, and 77% in both August and September.
The recent price escalation of Bitcoin to over $34,000 has led to a notable uptick in sales by miners. Ali, a crypto data analyst on the X platform, noted that during late October and early November, miners sold over 5,000 Bitcoins, amounting to roughly $175 million. This sell-off aligns with broader reports indicating that miners are liquidating more Bitcoins than they are mining.
Market observers interpret this wave of sales by miners as a strategic move ahead of the anticipated Bitcoin halving event. This event is expected to slash block rewards by half, potentially influencing miner behavior and Bitcoin's availability on the markets. Despite the substantial sell-off by miners, Bitcoin's value has not only held but soared, underscoring the cryptocurrency's robust demand dynamics.
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