Bitcoin outflow from miners reached a four-month low

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Mining pools prefer to buy more than sell mined digital assets.

Glassnode data shows that bitcoin outflows by miners of the cryptocurrency reached a four-month low of 49,893 bitcoins when looking at weekly averages.

This was another sign that despite bitcoin being near absolute highs, miners are increasingly choosing to accumulate these assets, including buying them on the market, paying attention to the possibility of those downward price corrections that are seen at times. Recall that bitcoin reached an all-time high of $64,67,000 on April 14 and is trading at $54,700 at the beginning of May 5.

Glassnode data shows that bitcoin outflows by miners of the cryptocurrency reached a four-month low of 49,893 bitcoins when looking at weekly averages.

An important indicator of interest in bitcoin mining is becoming large orders for the purchase of mining equipment. In addition to the above-mentioned trend in bitcoin miners’ behavior, one can also note a trend of further reduction in bitcoin stocks in the crypto-exchange sector.

For example, if the downward trend of such stocks at Coinbase, the largest U.S. cryptocurrency exchange, continues, in about 454 days the number of bitcoins that it can offer to traders may reduce to almost zero, as experts point out when analyzing the relevant Glassnode data.

In addition to the price aspect, there is a fresh innovation in the bitcoin phenomenon. Thus, about half of bitcoin miners have agreed in principle to the implementation of the Taproot update to the cryptocurrency’s No. 1 protocol. If it is approved by 90% of miners, the update will increase bitcoin’s blockchain throughput, which will be an important event in the 11-year history of the oldest digital asset.

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