Bullish Bitcoin Miners Cease Selling For The First Time Since 2020
Data shows that Bitcoin miners have ceased taking profit and have started to once again hoard BTC for the first time since mid-to-late December 2020. What’s notable about this, is the fact that the leading cryptocurrency by market cap appreciated in price by more than double during the sustained selling. If that’s the case, what […]
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On-chain data shows that selling pressure from Bitcoin miners has recently slowed down. This is significant considering the impact it could have on Bitcoin’s price heading into the third quarter of the year. Bitcoin Miners’ Selling Pressure Has Significantly Declined Referencing data from the on-chain analytics platform CryptoQuant, crypto analyst Crypto Dan noted that selling pressure from miners has significantly declined for two reasons. One is that the quantity of Bitcoin these miners sent to exchanges to sell has reduced drastically since May. Related Reading: Dogecoin Flashes Major....
On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. Bitcoin Miner Reserves Reach Close To May ATH Levels As pointed out by a CryptoQuant post, the BTC miner reserves seem to be on the rise, and look to be close to the levels seen during the 9 May all-time-high (ATH). The BTC miner reserves is an indicator that shows how many coins miners are holding in their wallets. More the value of this metric, less the selling pressure for miners in the market. Related Reading | S2F Creator Beckons Beginning Of Second Leg Of....
Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case. Miners Offload More BTC Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into....
Bitcoin miners are selling at a level unseen since July 2019 when BTC price topped out at $14,000. According to data from CryptoQuant, miners appear to be selling large amounts of Bitcoin (BTC). Historically, heightened selling pressure from miners marked a local top and led to sharp, prolonged corrections.BTC/USDT 1-hour chart. Source: TradingView.comWhy are Bitcoin miners selling?In May 2020, on-chain analyst Willy Woo said that there would be two sources of unmatched selling pressure in the market after the block reward halving. Woo pinpointed Bitcoin miners and cryptocurrency exchanges....
Selling pressure had been mounting on public bitcoin miners over the last couple of months. This was a direct result of the decline in the price of the digital asset, which saw the cash flow for bitcoin miners plummet significantly. It came out to an over 60% decline in profitability, and given that miners continue […]