On-chain Data Suggests Bitcoin Miners Were Behind The Selloff
On-chain shows Bitcoin miner outflows have been elevated recently, suggesting miners were involved in the recent selloff that took the price of the crypto below $42k. Bitcoin Miner Outflows Spiked Up Before The Crash Below $42k As pointed out by an analyst in a CryptoQuant post, BTC miners seem to have been one of the sellers behind the price drop to $42k. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin exiting wallets of all miners. When the value of this metric spikes up, it means miners are moving a large number of coins out of....
Related News
Bitcoin has been forced to make a retest of the $27,000 level in the past day as the miners have participated in a large selloff. Bitcoin Miners Have Sold 20,000 BTC In Past Week According to data from the market intelligence platform IntoTheBlock, BTC miners have done some significant selling during the last week. The […]
Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges. On-chain Data Suggests Miners Transferred 11,816 BTC To Exchanges As pointed out by a CryptoQuant post, 20 July saw a huge outflow from Bitcoin miners. The total outflow from that day is around 12k. Here is a chart 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, when the price of the....
On-chain data shows the Bitcoin MPI has spiked up recently, suggesting that miners may have started to dump the crypto. Bitcoin Miners’ Position Index (MPI) Has Sharply Risen Recently As pointed out by an analyst in a CryptoQuant post, some data suggests BTC miners may have began to dump the coin following recent rally. The […]
On-chain data suggests Bitcoin miners seem to have dumped big recently as their outflow has spiked to the largest value since more than a year ago. Bitcoin Miner Outflows Have Observed A Large Spike Recently As pointed out by an analyst in a CryptoQuant post, F2Pool miner wallets transferred a huge amount of coins shortly […]
On-chain data suggests Bitcoin miners have been quietly accumulating while the rest of the market has been bleeding. Bitcoin Miner Reserve Continues To Stay At High Values Despite Struggling Price As explained by an analyst in a CryptoQuant post, BTC miners seem to have continued to accumulate while the price has declined in the past few weeks. The “BTC miner reserve” is an indicator that tells us the total amount of Bitcoin present in the wallets of all miners. When the value of this indicator goes up, it means miners are transferring a net amount of coins to their reserves.....