Bitcoin (BTC) demonstrates confidence despite new liquidity concerns and miner sales on Binance. The recent increase in mining difficulty by 7.4% indicates stability, setting a positive tone for the market.
Escalating Miner Sales
On July 25, on-chain data revealed that miners transferred 18,000 BTC (worth over $2 billion) to Binance in a single day. Simultaneously, a $650 million USDC outflow from the exchange was noted, suggesting potential weakening of buyer liquidity. CryptoQuant analyst Amr Taha highlighted that nearing the $120,000 price level spurred profit-taking, supported by operational costs and a challenging mining environment. While past similar periods saw local corrections, this time, the price reaction remained restrained.
Declining Revenues and Market Resilience
Bitcoin’s hashrate has decreased by 3.5% since mid-June. According to CryptoQuant’s June 29 report, miner revenues fell to $34 million, the lowest level seen in recent months. However, miner outflows have declined from 23,000 BTC daily in February to 6,000 BTC. The data suggests a gradual waning of miners’ selling appetite.
Current Price and Bitcoin's Prospects
According to CryptoAppsy’s data at the time of this writing, Bitcoin is trading at $116,633. The price has increased by 1.36% in the last 24 hours and 7.29% over the past month. Currently, Bitcoin’s price is 5.1% below the recent peak around $123,000. As Adler points out, “the miner factor is not dragging the market down,” but it is not accelerating its momentum either. The market remains in balance, without any signs of panic.
Thus, Bitcoin continues to demonstrate relative stability amidst pressure from liquidity and miner sales. The increase in mining difficulty and decreasing sales suggest the potential for further growth in the future.
