{"id":524725,"date":"2023-03-28T17:30:03","date_gmt":"2023-03-28T17:30:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=524725"},"modified":"2024-06-11T09:20:51","modified_gmt":"2024-06-11T09:20:51","slug":"bitcoin-miners-transfer-exchanges-sign-of-selling","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-miners-transfer-exchanges-sign-of-selling\/","title":{"rendered":"Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?"},"content":{"rendered":"

On-chain data shows that Bitcoin miners have transferred many coins to exchanges today, which may be a sign of selling.<\/p>\n

Bitcoin Miner To Exchange Flow Has Observed A Huge Spike Today<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, a total of 1,637 BTC was deposited to exchanges by the miners today. There are a couple of relevant indicators here. The first is the “miner reserve<\/a>,” which measures the total amount of Bitcoin currently sitting inside all miners’ wallets.<\/p>\n

The other metric of interest is the “miner to exchange flow,” which tells us about the total number of coins miners (all or belonging to a specific mining pool) transfer to an exchange or a group of exchanges.<\/p>\n

When this metric’s value spikes, miners deposit many coins to the exchange. This trend may have bearish consequences for the price as miners usually transfer their coins from their reserves and into exchanges for selling purposes.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin miner-to-exchange flow, for all miners and all exchanges:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the indicator has spiked in the last few hours | Source: CryptoQuant<\/a><\/pre>\n
The above graph shows that the Bitcoin miner-to-exchange flow has observed a huge spike in the past day. With this large movement, miners have deposited 1,637 BTC (roughly $44.2 million at the current price) to exchanges.<\/p>\n
Related Reading: Bitcoin Mid-Term Holders Move 50,000 BTC, Bearish Signal?<\/a><\/div>\n
The quant has also found out that the Binance mining pool, in particular, was responsible for this exchange inflow. The destination of these coins was also to a single exchange: Binance<\/a>. The below chart shows this movement.<\/p>\n
\"Bitcoin<\/p>\n
The entities involved in today's miner exchange inflow | Source: CryptoQuant<\/a><\/pre>\n
Usually, deposits like these are a sign of increased selling pressure from the miners and, thus, can lead to a decline in the price of the asset, at least in the short term.<\/p>\n
Related Reading: Is Bitcoin Undervalued Or Overvalued? Here\u2019s What NVM Ratio Says<\/a><\/div>\n
In the present case, if these inflows were indeed made with selling in mind, then it would mean that miners possibly think that the rally<\/a> is winding off for now as the asset’s price has taken a hit during the past day, so they are striking while the profit-taking opportunity is partially still there.<\/p>\n
Data of the Bitcoin miner reserve, however, shows an interesting picture.<\/p>\n
\"Bitcoin<\/p>\n
The value of the metric seems to have been moving sideways in the last couple of weeks | Source: CryptoQuant<\/a><\/pre>\n
The chart shows that the Bitcoin miner reserve saw a sharp upwards spike just before the plunge due to today’s transfer to Binance. Curiously, this increase in the reserve was just enough to cancel the movement to the exchange.<\/p>\n
This means that even though a large withdrawal from the reserve may have occurred today, the miner reserve has only moved sideways since the miners only took out what was freshly deposited into their wallets.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,900, up 4% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has gone down over the last day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin miners have transferred many coins to exchanges today, which may be a sign of selling. Bitcoin Miner To Exchange Flow Has Observed A Huge Spike Today As pointed out by an analyst in a CryptoQuant post, a total of 1,637 BTC was deposited to exchanges by the miners today. There are a couple of relevant indicators here. The first is the “miner reserve,” which measures the total amount of Bitcoin currently sitting inside all miners’ wallets. The other metric of interest is the “miner to exchange flow,” which tells us about the total number of coins miners (all or belonging to a specific mining pool) transfer to an exchange or a group of exchanges. When this metric’s value spikes, miners deposit many coins to the exchange. This trend may have bearish consequences for the price as miners usually transfer their coins from their reserves and into exchanges for selling purposes. Now, here is a chart that shows the trend in the Bitcoin miner-to-exchange flow, for all miners and all exchanges: Looks like the value of the indicator has spiked in the last few hours | Source: CryptoQuant The above graph shows that the Bitcoin miner-to-exchange flow has observed a huge spike in the past day. With this large movement, miners have deposited 1,637 BTC (roughly $44.2 million at the current price) to exchanges. Related Reading: Bitcoin Mid-Term Holders Move 50,000 BTC, Bearish Signal? The quant has also found out that the Binance mining pool, in particular, was responsible for this exchange inflow. The destination of these coins was also to a single exchange: Binance. The below chart shows this movement. The entities involved in today’s miner exchange inflow | Source: CryptoQuant Usually, deposits like these are a sign of increased selling pressure from the miners and, thus, can lead to a decline in the price of the asset, at least in the short term. Related Reading: Is Bitcoin Undervalued Or Overvalued? Here\u2019s What NVM Ratio Says In the present case, if these inflows were indeed made with selling in mind, then it would mean that miners possibly think that the rally is winding off for now as the asset’s price has taken a hit during the past day, so they are striking while the profit-taking opportunity is partially still there. Data of the Bitcoin miner reserve, however, shows an interesting picture. The value of the metric seems to have been moving sideways in the last couple of weeks | Source: CryptoQuant The chart shows that the Bitcoin miner reserve saw a sharp upwards spike just before the plunge due to today’s transfer to Binance. Curiously, this increase in the reserve was just enough to cancel the movement to the exchange. This means that even though a large withdrawal from the reserve may have occurred today, the miner reserve has only moved sideways since the miners only took out what was freshly deposited into their wallets. BTC Price At the time of writing, Bitcoin is trading around $26,900, up 4% in the last week. BTC has gone down over the last day | Source: BTCUSD on TradingView Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":524732,"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":[428,86334,87446,640,87375,1119,1144],"class_list":["post-524725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miner-reserve","tag-bitcoin-miner-selling","tag-bitcoin-mining","tag-bitcoin-selling","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?<\/title>\n<meta name=\"description\" content=\"On-chain data shows that Bitcoin miners have transferred many coins to exchanges today, which may be a sign 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?","url":"http:\/\/uniquehot.com\/news\/bitcoin-miners-transfer-exchanges-sign-of-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-miners-transfer-exchanges-sign-of-selling\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miner reserve","bitcoin miner selling","bitcoin mining","bitcoin selling","btc","btcusd"],"dateCreated":"2023-03-28T17:30:03Z","datePublished":"2023-03-28T17:30:03Z","dateModified":"2024-06-11T09:20:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miners-transfer-exchanges-sign-of-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miners-transfer-exchanges-sign-of-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miner reserve\",\"bitcoin miner selling\",\"bitcoin mining\",\"bitcoin selling\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-28T17:30:03Z\",\"datePublished\":\"2023-03-28T17:30:03Z\",\"dateModified\":\"2024-06-11T09:20:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/524725"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=524725"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/524725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/524732"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=524725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=524725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=524725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}