‘Bullish’ — Struggling Miners Done Selling Their Bitcoin, Says Analyst

Bitcoin (BTC) miners are setting up a bullish trend despite large sell-offs around the halving, a new data metric suggests.  According to Glassnode’s Miner Outflow Multiple (MOM), outflows from mining pools compared to their one-year moving average are nearing all-time lows. Demeester “bullish” on BTC miner data MOM calculates coins leaving mining pools and compares them to the yearly moving average as a ratio.  As of June 3, that ratio was 0.534 — less than half its value one day before the halving on May 10. By comparison, December 2018…

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