{"id":516905,"date":"2023-01-20T11:00:03","date_gmt":"2023-01-20T16:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=516905"},"modified":"2024-06-11T14:33:31","modified_gmt":"2024-06-11T14:33:31","slug":"sell-pressure-mounts-on-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/sell-pressure-mounts-on-bitcoin\/","title":{"rendered":"Sell Pressure Mounts On Bitcoin As Miners Offload More BTC"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">CryptoQuant data on January 20\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/flow-indicator\/miners-position-index-mpi?window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\"> an unusually sharp spike in Bitcoin miners&#8217; outflow, an unexpected development considering the solid performance of BTC prices in the past few trading days.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Miners&#8217; Position Index (MPI) Rising<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The Miners&#8217; Position Index (MPI) is up from -0.85 registered on December 31, 2022, to +3.25 on January 19, 2023. The expansion could indicate that miners are moving their coins, at a faster pace, to centralized exchanges.\u00a0<\/span><\/p>\n<figure id=\"attachment_516908\" aria-describedby=\"caption-attachment-516908\" style=\"width: 1072px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-516908\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Rising-Miners-Position-Index.png?resize=1072%2C488\" alt=\"Rising Miners&#039; Position Index\" width=\"1072\" height=\"488\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Rising-Miners-Position-Index.png?w=1072 1072w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Rising-Miners-Position-Index.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Rising-Miners-Position-Index.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Rising-Miners-Position-Index.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Rising-Miners-Position-Index.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-516908\" class=\"wp-caption-text\">Rising Miners&#8217; Position Index| Source: <a href=\"http:\/\/cryptoquant.com\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The MPI is a moving ratio between the total miner outflows to the total one-year moving average of the total miner outflows. All denominations are in USD. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Per CryptoQuant&#8217;s interpretation, the higher the MPI ratio, the higher the odds that miners are sending mined coins to centralized exchanges, heightening the risks of a price plunge.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\"><strong>Related Reading:<\/strong> <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miners-signs-dumping-bad-rally\/\">Bitcoin Miners Show Signs Of Dumping, Bad For Rally?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">For a wholesome picture, it is recommended that the MPI be used with other metrics since there are assumptions that miners are expressly selling their coins in top exchanges like Binance, Coinbase, or even in over-the-counter (OTC) exchanges. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nonetheless, when used with different technical indicators, MPI flows can provide a rough indicator of Bitcoin miners&#8217; financial state. The actions of the miners may provide an indication of where the market might be headed next.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In proof-of-work networks like Bitcoin, <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miners-feel-the-heat-more-selling-pressure-might-be-imminent\/\" target=\"_blank\" rel=\"noopener \">miners<\/a> are compensated with coins to secure the platform against external attacks and confirm transactions. Bitcoin distributes 6.25 BTC for every block they successfully mine. This translates to around $131,000 in BTC. A block is released roughly every 10 minutes. <\/span><\/p>\n<figure id=\"attachment_516907\" aria-describedby=\"caption-attachment-516907\" style=\"width: 1269px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-516907\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?resize=1269%2C527\" alt=\"Bitcoin Price Action\" width=\"1269\" height=\"527\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?w=1269 1269w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Prices.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-516907\" class=\"wp-caption-text\">Bitcoin Price Action| Source: <a href=\"https:\/\/www.tradingview.com\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on Trading View<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The price of Bitcoin explains the higher interest from miners compared to other proof-of-work networks like Litecoin. With a hash rate of 275 EH\/s as of January 20, Bitcoin remains the most secure blockchain by this metric.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Miners Have to Sell<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Miners have to expend energy and buy gear and this is why they are said to be mandatory sellers. Miners, therefore, have to move coins to crypto exchanges for cash to pay for services such as electricity or chipset manufacturers to remain competitive. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Since the Bitcoin network is transparent and all movements can be tracked, dedicated analytics&#8217; platforms and traders often monitor their activities. Recent data points to these miners moving coins, possibly to exchanges for cash.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The spike from -0.85 to +3.25 coincides with the stalling of Bitcoin prices below $21,500. This retracement follows a sharp expansion that saw the coin power above $20,000 with increasing participation levels, as trading volumes show.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\"><strong>Related Reading:<\/strong> <a href=\"https:\/\/uniquehot.com\/crypto\/crypto-firms-bitcoin-2022-miners-hit-worst\/\">Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Analysts said the revival is because of shifting macroeconomic factors, especially in the United States, and recent data shows that inflation is falling and labor conditions are firming after the effects of COVID-19. <\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image by Andrey Rudakov\/Bloomberg, chart by Trading View<\/div>\n","protected":false},"excerpt":{"rendered":"<p>CryptoQuant data on January 20\u00a0shows an unusually sharp spike in Bitcoin miners&#8217; outflow, an unexpected development considering the solid performance of BTC prices in the past few trading days. Miners&#8217; Position Index (MPI) Rising The Miners&#8217; Position Index (MPI) is up from -0.85 registered on December 31, 2022, to +3.25 on January 19, 2023. The expansion could indicate that miners are moving their coins, at a faster pace, to centralized exchanges.\u00a0 The MPI is a moving ratio between the total miner outflows to the total one-year moving average of the total miner outflows. All denominations are in USD. Per CryptoQuant&#8217;s interpretation, the higher the MPI ratio, the higher the odds that miners are sending mined coins to centralized exchanges, heightening the risks of a price plunge. Related Reading: Bitcoin Miners Show Signs Of Dumping, Bad For Rally? For a wholesome picture, it is recommended that the MPI be used with other metrics since there are assumptions that miners are expressly selling their coins in top exchanges like Binance, Coinbase, or even in over-the-counter (OTC) exchanges. Nonetheless, when used with different technical indicators, MPI flows can provide a rough indicator of Bitcoin miners&#8217; financial state. The actions of the miners may provide an indication of where the market might be headed next. In proof-of-work networks like Bitcoin, miners are compensated with coins to secure the platform against external attacks and confirm transactions. Bitcoin distributes 6.25 BTC for every block they successfully mine. This translates to around $131,000 in BTC. A block is released roughly every 10 minutes. The price of Bitcoin explains the higher interest from miners compared to other proof-of-work networks like Litecoin. With a hash rate of 275 EH\/s as of January 20, Bitcoin remains the most secure blockchain by this metric. Bitcoin Miners Have to Sell Miners have to expend energy and buy gear and this is why they are said to be mandatory sellers. Miners, therefore, have to move coins to crypto exchanges for cash to pay for services such as electricity or chipset manufacturers to remain competitive. Since the Bitcoin network is transparent and all movements can be tracked, dedicated analytics&#8217; platforms and traders often monitor their activities. Recent data points to these miners moving coins, possibly to exchanges for cash. The spike from -0.85 to +3.25 coincides with the stalling of Bitcoin prices below $21,500. This retracement follows a sharp expansion that saw the coin power above $20,000 with increasing participation levels, as trading volumes show.\u00a0 Related Reading: Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst Analysts said the revival is because of shifting macroeconomic factors, especially in the United States, and recent data shows that inflation is falling and labor conditions are firming after the effects of COVID-19. Feature image by Andrey Rudakov\/Bloomberg, chart by Trading View<\/p>\n","protected":false},"author":384,"featured_media":516906,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,640,679],"class_list":["post-516905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-mining","tag-bitcoin-price"],"acf":[],"yoast_head":"\n<title>Sell Pressure Mounts On Bitcoin As Miners Offload More BTC<\/title>\n<meta name=\"description\" content=\"CryptoQuant data on January 20\u00a0shows an unusually sharp spike in Bitcoin miners&#039; outflow, an unexpected development considering the solid performance of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/sell-pressure-mounts-on-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sell Pressure Mounts On Bitcoin As Miners Offload More BTC\" \/>\n<meta property=\"og:description\" content=\"CryptoQuant data on January 20\u00a0shows an unusually sharp spike in Bitcoin miners&#039; 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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