Bitcoin on-chain data shows that miners have transferred a huge amount of coins in order to cryptocurrency exchanges.
On-chain Data Suggests Miners Transferred 11, 816 BTC To Exchanges
As pointed out by a CryptoQuant post, 20 July noticed a huge outflow from Bitcoin miners. The total outflow through that day is around 12k.
Here is a graph that illustrates the trend in all miners BTC outflow over the last one year:
BTC miner outflow seems to have spiked
There are a few interesting features in the chart. This sudden rise of almost 12k BTC observed on Wednesday is the most since May, once the price of the cryptocurrency damaged around 50%.
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This spike comes after a period where the miner outflows had been relatively low when compared to the particular preceding months.
As miner outflows only show how much Bitcoin was transferred by miners in order to exchanges, it’s not possible to inform how much of it was really sold off.
However , if the indicator’s worth goes up, it does showcase that selling pressure has increased among miners, and it could influence the price of the crypto.
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Another metric for understanding whether miners are selling delete word is the Bitcoin all miners to all exchanges flow suggest indicator. Here is the chart for it:
BTC miner in order to exchanges flow mean seems to be on the rise
The above mentioned graph makes it clear the value of this indicator continues to be on the rise for sometime right now, and 20 July also saw a spike.
The all miners to all exchanges flow imply showcases how the average deal from miners to trades looks like. For 20 July, this value was just over 80 BTC, less than the 98 BTC spike noticed just a few days back.
Though there are two things to consider regarding these miner metrics. The first is that many mining pools don’t believe that information like this is authentic.
The second is that because of China’s crackdowns on Bitcoin mining, the world hashrate took a nosedive. Now, miners have started relocating plus restarting their operations far away. This would undoubtedly result in a alter in these metrics as well.
At the time of writing, BTC’s price floats around $32. 5k, down 0. 5% in the last 7 days.
Below is a chart showing the trend in the price of Bitcoin over the past 6 months.
BTC seems to be going up after a dip below $30k | Source: BTCUSD on TradingView
After a crash beneath $30k, Bitcoin has began to climb back up quickly. It remains to be seen if the coin can continue this trend and lastly break past $35k, or if it’s going to be stuck in the same range because before again.
Featured image from Pexels. com, charts from CryptoQuant, TradingView. com