Bitcoin Price Drops as Miners Switch to Accumulation

Bitcoin (BTC) price continues to draw investors' attention with its recent sharp declines. Experiencing significant regression since its peak in October, Bitcoin may enter a potential stability process as miners have adopted a more strategic approach in recent weeks. CryptoQuant analysts report that this change in miners' behavior has provided structural relief signals despite the downtrend.

Bitcoin price fell from 119,771 dollars in mid-October to the 94,000 dollar range. However, during this period, it has been observed that miners preferred to accumulate instead of panic selling. Throughout October, miners' 30-day net position remained on average 843 Bitcoin in the positive. However, when the price fell below 110,000 dollars at the beginning of November, this position quickly turned negative.

Particularly, between November 7-17, it is noted that miners were on average 831 Bitcoin in the negative. This shows that as prices fell, miners' need to sell decreased due to planned adjustments. According to the data from the last thirty days, miners completed sales only on 11 days while taking accumulation actions for 19 days. In total, 6,048 Bitcoin was sold against 6,467 Bitcoin purchases.

CryptoQuant analysts draw attention to a net accumulation of 777 Bitcoin that occurred in the last seven days. Despite the %12.6 depreciation of Bitcoin's price in the last thirty days, miners returning to the positive allows this process to be re-evaluated as a positive development. As of November 17, the 30-day net position turning into 419 Bitcoin in the positive indicates that weaker miners have largely completed their forced sales.

According to the CryptoQuant analyst, such transition periods have often been observed just before phases where prices form bottoms in the past. Therefore, miners returning to accumulate heralds the approach of a potential stability process for the bleeding market. Investors should closely monitor these developments and consider the indications regarding the future of the market.