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Bitcoin (BTC) is exhibiting a notable upward trend, approaching $45,000. This increase is associated with a decrease in sales pressure from Bitcoin miners, who have reduced their daily sales from over 800 BTC at the end of 2023 to under 300 BTC at the beginning of 2024.
Current Data on BTC
The mentioned change indicates a strategic shift in how miners handle their assets. Large public Bitcoin mining companies in the USA have reported an increase in their BTC reserves. Despite the steepest drop in miner profitability seen in over a year, the sales pressure remains weak. Data from CryptoQuant shows that Bitcoin miners are facing significant payment shortfalls, yet they prefer to hold onto their assets rather than sell them.
Moreover, the network experienced a transaction drop from the all-time high of 731,000 at the end of December 2023 to a three-month low of 278,000. This decrease is largely due to reduced activity in inscriptions and BRC-20 token transactions, especially a 76% drop in those using taproot addresses. Consequently, Bitcoin transaction fees have shown a sharp decline, falling by 90% from mid-December to the beginning of February.
Whale Accumulation in BTC
Despite the largest drop in miner profitability in at least a year, miner selling pressure remained low until 2024. CryptoQuant stated that miners have mostly earned extremely low revenues so far in 2024. What might be further strengthening Bitcoin’s upward trend is the growing interest of large-scale investors or “whales” who are actively accumulating Bitcoin. Information from the on-chain analysis platform LookOnChain highlights significant movements, including withdrawals of approximately 2,741 BTC worth around 118 million dollars from Binance just before the price increase.
The easing of selling pressure and whale accumulation have collectively contributed to Bitcoin’s ascent towards the $45,000 threshold. The leading cryptocurrency has seen a 3.61% increase over the last 24 hours, trading at around $44,451. Renowned Bitcoin analyst PlanB offered an optimistic outlook, highlighting the increasing realized prices, a measure representing the historical average price at which Bitcoin has traded. He suggested that the current trend above these realized prices indicates a rising momentum reminiscent of the early stages of previous bull markets.
