Bitcoin Plunges To $26,000 As Miners Sell Big
Bitcoin has plunged towards the $26,000 level as on-chain data shows the Bitcoin mines have been participating in a selloff. Bitcoin Miner To Exchange Flow Has Spiked During The Past Day As pointed out by an analyst in a CryptoQuant post, the miners have been showing signs of selling recently. The relevant indicator here is the “miner to exchange flow,” which keeps track of the total amount of Bitcoin that miners are depositing to exchanges. Generally, these chain validators only make such transactions when they intend to sell, so the indicator’s value observing a spike....
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The on-chain indicator Puell Multiple shows Bitcoin miners don’t have much incentive to sell at the current price level. Puell Multiple Values Are Still Relatively Low At The Current Level As pointed out by a CryptoQuant post, Puell Multiple values are still not too high, implying miners may not feel pressure to sell at the […]
Bitcoin miners have been in a bind for a while now. When the price of the digital asset dropped, it inadvertently affected the cash flow and profits made from mining activities. Hence a lot of miners have had to sell off their BTC holdings to make ends meet. Public miners have not been left out […]
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....
Interest in Dogecoin (DOGE) has been on a steady decline in the last year and miners have not been exempt from this. Recent data shows that these miners may already be losing faith in the meme coin which they have been offloading in the millions in the last two months. Dogecoin Miners Sell $53 Million […]
On-chain data shows Bitcoin miners have continued their selling as outflows from their wallets have once again spiked up. More Than 2.5k BTC Flows Out Of Bitcoin Miners’ Reserve As pointed out by an analyst in a CryptoQuant post, BTC miners from Poolin look to have sold big over the past 24 hours. The “miner […]