Bitcoin miners have continued to unload their positions, but the market has been largely unaffected by such activities, AmbCrypto reported.
- Some 2,900 Bitcoins were spent from miner balance in the past week, with Chinese miners affected by the crackdown leading the selling spree to finance costs. Part of the proceeds is used for expansion and hardware acquisition.
- The increased miner spending brought the miner net position to neutral, bringing the miner accumulation and spending into an equilibrium. This tends to sway between +5,000 and -5,000 Bitcoin monthly.
- The net position reassures that the sell-side pressures have been absorbed by the market and reassures that Bitcoin’s price should remain unaffected unless a substantial number of miners unload their holdings.
Miner revenues are swayed by price volatility, as revenues are generally Bitcoin-denominated while the capital and operating expenses are mainly fiat-denominated. BTC is down 8.24%.