The cryptocurrency market, especially the Bitcoin ($BTC) ecosystem, is experiencing a cautious phase in mining. According to analytics from Sentora, the on-chain transaction volume of miners has sharply declined to multi-year lows.
Multi-Year Low in Miners' Transaction Volume
Data shows that Bitcoin miners' transaction volume has plummeted to just 3.3%, compared to over 30% in 2019. This marks the lowest level since November 2022, attracting the attention of market participants.
Market Trends and Their Impact on Mining
Despite the price increase towards $108K, approaching the all-time high of $110K, there is a noted decrease in miners' activity. Typically, rising prices prompt miners to increase their activity and selling volume; however, current trends are causing caution.
Impact of Institutional Investors on Bitcoin Market
According to Sentora, the reasons behind the decline in transaction volume include the dominance of institutional investors in trading activity, decreased selling pressure, and the industrialization of mining. Market analysts and observers will closely monitor whether this trend continues or reverses.
The decrease in Bitcoin miners' transaction volume amidst rising prices highlights shifts in market participant behavior. Investors and specialists are focused on how these trends will evolve.
