Bitcoin Fuel Multiple Hits 0.9, 4-Month High on May 23

BTC2.95%
According to Glassnode, Bitcoin's fuel multiple reached 0.9 on May 23, marking the highest level in four months. The metric, which divides daily Bitcoin mining output by its 365-day moving average, increased 0.05 compared to the previous week. Bitcoin miner holdings also rose to 1.8 million coins, up 55 coins week-over-week, suggesting miners are accumulating rather than selling.
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