Bitcoin Mining Transfers Collapse to 3.3% Even as Prices Climb Toward $110K

Bitcoin ($BTC) ecosystem is going through a cautious phase in terms of mining. In this respect, the data from Sentora, which was formerly called IntoTheBlock, reveals that the percentage of Bitcoin miners’ cumulative on-chain volume has plunged to multi-year low. The DeFi analytics platform took to its official social media account to disclose the current dip in the on-chain volume of $BTC miners.

$BTC Miner Volume Touches Multi-Year Lows Amid Surging Price Levels

The on-chain data points out that the on-chain transfer volume of Bitcoin ($BTC) miners has plummeted to just 3.3% (was over 30% in 2019). This underscores the lowest level since 2022’s November. Hence, this massive decline in the miner volume has raised the eyebrows of the market participants. Interestingly, this development takes place at a time when Bitcoin is near its all-time high (ATH) in price.

At the moment, the flagship crypto asset is changing hands around $108K, considerably closer to the all-time high of $110K. Such increased prices often persuade miners to increase their activity as well as selling. However, the present trends are raising caution, due to a shift in the overall Bitcoin miner behavior.

Trend Highlights Institutional Dominance, Industrialized Mining, and Decreased Selling Pressure

As per Sentora, irrespective of the surging price levels of the flagship cryptocurrency, the multi-year lows in miner volume raise apprehensions. The key factors behind this development include the dominance of institutions and long-term holders on the trading activity, decreased selling pressure, and the industrialization of mining. Keeping this in view, the market analysts and onlookers will keenly watch for the continuation of this trend or a reversal in it.