Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to declined mining activity.
Miner Capitulation Restricts Bitcoin Rally
Whale Alert in a tweet on December 1 reported that an unknown wallet moved 10,050 Bitcoin worth over $171 million to the crypto exchange Coinbene at 08:48 UTC. In addition, there are other BTC selloff transactions in the last 24 hours.
Bitcoin (BTC) Outflow From Miners. Source: IT Tech
On-chain analyst IT Tech confirmed a 10K outflow from miner Poolin. The mean amount of coins per transaction sent from the affiliated miners’ wallets. If miners transfer part of their reserve at the same time, it could trigger a BTC price drop.
Bitcoin price fails to show any massive rise des
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