Crypto mining is the process by which new Bitcoin and Ethereum enter circulation.
Bitcoin and Ethereum mining wallets note a decline in supply held since the first half of 2024. The recent rebound in the combined supplies of Bitcoin and Ethereum mining wallets is a sign of a potential rally in the assets. BTC and ETH hover around key support levels on Friday. Data from crypto intelligence tracker shows that wallets of Bitcoin and Ethereum miners noted a decline in their holdings of the assets in the first half of the year.
5% from the 2024 peak. Analysts state that once the supply held by the mining wallet increases, it could be considered a sign of an incoming bull run in the two assets. Bitcoin, Ethereum mining wallet supply The phenomenon can be better explained when one considers that Bitcoin and Ethereum miners typically sell their holdings to meet costs of operations. The selling pressure from miners adds to the profit-taking of traders and typically, negatively influences asset prices.
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