Looking at the miner activity indicator on the network, we find that there is an increase in miner activity that reached levels in November 2024. This activity indicates that miners are moving on the network, but this movement does not necessarily mean sending Bitcoin to the platforms. To confirm this, we must look at the Bitcoin flows to the platforms indicator, which shows an increase in miner transfers to the platforms after Bitcoin exceeded $116,000. This increase in miner flows to the platforms, along with the rise in Bitcoin prices, indicates that miners find these prices suitable for them to sell to cover mining costs or increase their liquidity, or that they expect a correction wave to occur in the market. In contrast, more miner selling means that fluctuations in the price may occur, especially since the current Bitcoin cycle differs from previous cycles. This indicates the extent of the correction that may occur, which largely depends on miners continuing to send Bitcoin to the platforms until they sell.
Written by Arab Chain
