Bitcoin miners' balances fell to around 1.799 million BTC in September.
Despite the volatility, Bitcoin miners' revenue remained stable, inching up slightly by about 2.5%.
Bitcoin [BTC] miners saw mixed performance in September as Bitcoin prices showed significant volatility. Despite holding on to their BTC, miners saw their revenue decline compared to August.
Bitcoin Miner Balances Decline
During September, Bitcoin miner balances gradually decreased. At the beginning of the month, the total balance was around 1.802 million BTC, but by the end of the month, it had dropped to 1.801 million BTC.
The slight increase from the mid-month low of 1.8 trillion BTC reflects a short-lived uptrend.
Source: Glassnode
However, the latest information shows that miner balances have dropped further to approximately 1.799 million BTC, according to data from Glassnode. This is similar to the level in July when miners experienced a significant drop.
Less BTC transferred to exchanges
Despite the volatility in Bitcoin prices in September, miners moved less BTC to exchanges than in August. While there were transfers, they were significantly less than the previous month.
The largest transaction in September was 11,842 BTC, compared to over 18,000 BTC transferred in August.
Source: CryptoQuant
Additionally, Bitcoin miner revenue metrics have not seen any significant increases or decreases over the past month.
Despite small fluctuations, sales have increased as much as 2.5% on some days, well below the 18% spike in August.
The lowest level of miner revenue in September was around 1.2%; now, revenue has stabilized at around 2.5%.
Bitcoin remains volatile
Bitcoin prices continued to fluctuate in October. The expected “Uptober” trend did not fully materialize, as the daily price chart showed Bitcoin struggling to recover from the declines at the beginning of the month.
Bollinger Bands analysis shows that the price range remains wide, signaling continued volatility.
This volatility could result in Bitcoin miners continuing to experience mixed signals in the coming weeks.
Bitcoin is currently trading at around $62,480, showing a slight increase of less than 1%. Its 50-day moving average is acting as a solid support level, while the 200-day moving average at $63,700 remains a resistance point.
Miners have been dealing with a combination of declining balances and relatively stable revenue amid price volatility. With Bitcoin’s continued volatility, miners could see performance fluctuate in the short term.
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