Bitcoin Miners Driving Price Higher Kraken Report

Bitcoin Miners Driving Price Higher Kraken Report



  • On-chain data suggests a supply shock appears to have led the bitcoin price to surge over 50% in October.
  • “There has been little profit-taking from long-term holders” of BTC, a new Kraken report found.
  • Miners are also stockpiling bitcoin, helping create a supply shock fueling higher prices.

A supply shock seems to have contributed to the BTC price appreciating by more than 50% in October, a new report by Kraken Intelligence shows. Kraken’s October 2021 Bitcoin on-chain digest, entitled Shocktober, sheds some light on the overall Bitcoin network participants and their behavior.

There has been “little profit-taking” from long-term bitcoin holders along with this month’s price rally, the study found. Paired with Bitcoin’s limited and programmatic mining rate, a supply shock appears to have ensued this month, fueling BTC to reach a new all-time high.



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