‘Not a good signal’ — Bitcoin miner sell-off risk hits highest in 3 years
The Bitcoin Miners’ Position Index achieved a three-year high, indicating that miners are likely in a selling mood. Bitcoin (BTC) miners appear to be selling large amounts of BTC once again. Data from CryptoQuant shows that the BTC Miners’ Position Index — a metric tracking the ratio of BTC leaving miners’ wallets — achieved a three-year high. This trend indicates that miners are likely selling BTC on over-the-counter or spot exchanges.Bitcoin Miners' Position Index. Source: CryptoQuantOn Dec. 10, two large miner-linked Bitcoin transactions were spotted right as the Miner’s Position Index....
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Bitcoin miner revenues have been in decline since the bear trend began and this has led a good number of miners to sell their BTC holdings in order to keep their operations afloat. However, the expectation that the bear market would soon resolve and miners would once again be in the green has since gone out the window. With miner revenues continuing to plummet, miners may have to resume selling off their holdings to keep up with the market. Miner Revenues Fall For the past week, there has been no change in the downtrend in miner revenues. On-chain metrics show that it was down 0.59% from....
On-chain data shows the Bitcoin taker buy sell ratio has surged up to a high not seen since almost two years ago. Bitcoin Taker Buy Sell Ratio Observes Uplift In Recent Days As pointed out by an analyst in a CryptoQuant post, the taker buy sell ratio is now at its highest value in 636 days. The “taker buy sell ratio,” as its name suggests, is an indicator that measures the ratio between the taker buy volumes and the taker sell volumes. When the value of this metric is greater than one, it means the long volume is overwhelming the short volume right now. Such a trend suggests....
Bitcoin price is trading well above $58,000 currently and is arguably only just beginning its bullish impulse. Prices are expected to reach hundreds of thousands per coin, and while few deny that outcome, it might not arrive as soon as some investors think. According to a de-facto on-chain tool for timing local tops and bottoms, Bitcoin risk is now at the highest potential for downside in three years. Past data shows when the metric gets […]
A solo Ethereum miner has just gotten what could be described as the lucky break of a lifetime after mining a single ethereum block that netted them a reward that ran into the hundreds of thousands of dollars. While ethereum’s mining difficulty is not as high compared to bitcoin, it is still a difficult, energy and computationally intensive process that discourages the average person. However, a lot of solo miners remain in the ethereum ecosystem and continue to make a profit from their mining activities. Although not all of the miners get to mine a single block that delivers a reward with....
Miners determine more of bitcoin price than most investors understand. The price at which miners are willing to sell usually correlates with how much profit that they can make from selling the coins that they have mined. Depending on the price of the asset, miners usually choose to sell or hold it. This could influence the market price of bitcoin. Related Reading | Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price Profitability is the major reason for mining. But when profitability goes down, miners either sell and cut their losses, or the other....