Crypto Miners Benefited from Bitcoin’s March Rally
This week, Bitcoin surged above $26,000 for the first time since June 2022. This was followed by a fall in the cryptocurrency’s value as large holders, including miners, began selling their BTC.
According to a report by crypto analysis company CryptoQuant, mining pools initiated transactions at the same time that Bitcoin was gaining strength due to the banking crisis in the United States.
The shrinking reserves of miner-related wallets indicate that the pools are still selling. Analysts have also observed an increase in pool activity, with most of their transactions being related to the replenishment of exchange wallets.
This implies that the sale of cryptocurrency will not end anytime soon. In contrast, miners were accumulating BTC in early March, but their activity started to decrease when Bitcoin entered a bearish phase.
