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Bitcoin Price Surges Past $107K: Are Miners and Whales Fueling the Next Bull Run?
Bitcoin Price – Bitcoin (BTC) has resumed its upward momentum, reclaiming the $107,000 level after a 1.89% daily gain, despite being down 2.45% over the past week. This signals a potential continuation of bullish sentiment, even as the asset remains within a broader corrective phase.
Miner Behavior Hints at Potential Bitcoin Rally
Recent on-chain data from CryptoQuant highlights a notable shift in miner behavior. BTC.com, a major mining pool responsible for 98% of miner flows into Binance, has steadily reduced exchange inflows over the last month. Historically, a drop in these inflows has preceded Bitcoin price rallies, as miners tend to hold Bitcoin during bullish setups, offloading only near market peaks.
Supporting this, AMBCrypto’s analysis shows that the Bitcoin Miners’ Reserve fell from 574,678 BTC to 1.807 million BTC. This decline suggests that miners are increasingly adopting a long-term holding strategy, indicating growing confidence in the market’s future trajectory.
Derivatives Market Signals Bullish Sentiment
Further backing the bullish case, the Funding Rate in Bitcoin’s derivatives market has turned positive following two consecutive days of selling. A positive Funding Rate typically indicates that more long positions are being opened, suggesting that derivatives traders are aligning with whales and miners in anticipating a potential price breakout.
On-Chain Activity Confirms Market Strength
Data from Nansen reveals a 21.3% increase in active Bitcoin addresses, climbing to 535,900 in the past 24 hours. At the same time, transaction-related gas fees surged, confirming a rise in the network’s utility and user activity. Sustained growth in on-chain usage generally reflects strong investor engagement, adding further weight to Bitcoin’s bullish outlook.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
