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Bitcoin miners are moving large amounts of their holdings out of wallets as the cryptocurrency’s price continues its bullish momentum, reaching new highs.
Bitcoin Miner Outflow Total chart. Source: CryptoQuant
Bitcoin miner outflows is a statistic that tracks outflows of BTC from mining pool wallets, counting transactions from all participants, including individual miners.
Realizing profits in preparation for next cycle
Despite this, Avocado said that despite the early potential selling, the volume of BTC sold shows there is still “ample room for further growth in this cycle,” citing Bitcoin’s high hashrate and mining difficulty as indicators of increased participation, which may support a further upside in BTC prices.
Bitcoin hashrate chart. Source: Coinwarz
Possible scenarios for these outflows include moving funds to exchanges with the potential intention to sell, as well as internal wallet transfers.
Bitcoin rally is far from over
Bitfinex analysts also highlighted that Donald Trump’s recent victory in the presidential race will cause crypto adoption to intensify in the United States. This has set the stage for BTC to surpass $100,000 within months.