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Cryptocurrencies

“Crypto miners moved over $300 million of bitcoin in one day, and some are dropping out altogether”

New data from blockchain analytics firm CryptoQuant shows that miners are rapidly exiting their bitcoin positions.

14,000 bitcoin, worth more than $300 million at its current price, was transferred out of wallets belonging to miners in a single 24-hour period at the end of last week — and in the last few weeks, miners have offloaded the largest amount of bitcoin since Jan. 2021. The phenomenon is called “miner capitulation,” and it typically indicates that miners are preparing to sell their previously mined coins in order to cover ongoing mining expenses.

Bitcoin is currently trading around $21,600, up about 3% in the last 24 hours. Still, the wider crypto market has been in a slump for months, with bitcoin down nearly 70% from its all-time high of around $69,000 in Nov. 2021…”

https://www.cnbc.com/2022/07/18/crypto-miners-moved-over-300-million-of-bitcoin-in-one-day.html

They pulled out of cryptocurrency? Are you sure about that? The thing about crypto is it’s made for the user to be anonymous. They could have exit but they could have went underground so to speak by hiding their assets. Also how much is “some.” Some people droping out could be 3 or more. 14k of bitcoin was moved but for all we know the majority of that could belong to 1 person. There’s to many assumptions in this article.

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