{"id":533988,"date":"2023-05-19T13:36:42","date_gmt":"2023-05-19T13:36:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=533988"},"modified":"2024-06-11T08:10:30","modified_gmt":"2024-06-11T08:10:30","slug":"bitcoin-plunges-below-27000-miners-signs-selling","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-plunges-below-27000-miners-signs-selling\/","title":{"rendered":"Bitcoin Plunges Below $27,000 As Miners Show Signs Of Selling"},"content":{"rendered":"

Bitcoin has now dipped below the $27,000 level as on-chain data shows the miners have possibly been selling the asset recently.<\/p>\n

Bitcoin Miner Reserve Has Taken A Sharp Plummet Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, miners have taken out about 1,750 BTC from their wallets during the past day. The relevant indicator here is the “miner outflow<\/a>,” which measures the total amount of Bitcoin that miners are transferring out of their wallets currently.<\/p>\n

The counterpart metric of the outflow is called the “inflow<\/a>,” and it naturally tracks the total number of coins going into the addresses of these blockchain validators.<\/p>\n

Here is a chart that shows the trend in the Bitcoin miner outflow, as well as the inflow, over the last few weeks:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the outflow has been pretty high in recent days | Source: CryptoQuant<\/a><\/pre>\n
Whenever the miner inflow has a high value, it means that this cohort is depositing a large amount of Bitcoin into their wallets. Such a trend, when prolonged, can be a sign that the miners are accumulating right now. Naturally, this can have bullish implications for the price.<\/p>\n
When the outflow is high, on the other hand, it suggests that a large amount of the asset is exiting from the supply of the miners. Generally, the main reason why these holders transfer their coins out of their wallets is for selling-related purposes, so this kind of trend can be bearish for the cryptocurrency’s value.<\/p>\n
In the above graph, it’s visible that the miner inflow has been at relatively low values during the past day, implying that these investors aren’t depositing any significant amounts to their wallets.<\/p>\n
Related Reading: Bitcoin Binary CDD Stays Low, Here\u2019s What This Means<\/a><\/div>\n
The miner outflow, however, has registered a pretty high spike in the same period. In total, around 1,750 BTC ($47 million) has exited the supply of the miners with this surge in the indicator.<\/p>\n
Since there haven’t been any inflows to counteract these outflows, a net amount of the asset has now left the miners’ wallets. This would mean that if the outflows were made for selling purposes, a net bearish effect should appear on the price.<\/p>\n
An indicator that helps better identify whether these transfers were for selling or not is the “miner to exchange flow<\/a>,” which tracks only the miner outflows heading towards centralized exchanges.<\/p>\n
Usually, this cohort uses the exchanges when they want to take part in distribution. As shown in the above chart, however, the metric has remained low recently, meaning that these outflows haven’t directly entered into the wallets of these platforms.<\/p>\n
Though, the quant has discovered that the destination wallet of the 1,750 miner outflow made another transfer, which was indeed towards an exchange. “There is a high probability that 1,750 BTC ultimately went to Binance,” explains the analyst.<\/p>\n
Related Reading: This Bitcoin Support Line Is Still Active, Bullish Signal?<\/a><\/div>\n
When these outflows took place yesterday, Bitcoin was above the $27,000 level. Following them, however, the asset has observed a plunge and is now below this mark, suggesting that this latest selling pressure from the miners may have been behind the decline.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,800, up 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has declined today | 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":"
Bitcoin has now dipped below the $27,000 level as on-chain data shows the miners have possibly been selling the asset recently. Bitcoin Miner Reserve Has Taken A Sharp Plummet Recently As pointed out by an analyst in a CryptoQuant post, miners have taken out about 1,750 BTC from their wallets during the past day. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin that miners are transferring out of their wallets currently. The counterpart metric of the outflow is called the “inflow,” and it naturally tracks the total number of coins going into the addresses of these blockchain validators. Here is a chart that shows the trend in the Bitcoin miner outflow, as well as the inflow, over the last few weeks: Looks like the value of the outflow has been pretty high in recent days | Source: CryptoQuant Whenever the miner inflow has a high value, it means that this cohort is depositing a large amount of Bitcoin into their wallets. Such a trend, when prolonged, can be a sign that the miners are accumulating right now. Naturally, this can have bullish implications for the price. When the outflow is high, on the other hand, it suggests that a large amount of the asset is exiting from the supply of the miners. Generally, the main reason why these holders transfer their coins out of their wallets is for selling-related purposes, so this kind of trend can be bearish for the cryptocurrency’s value. In the above graph, it’s visible that the miner inflow has been at relatively low values during the past day, implying that these investors aren’t depositing any significant amounts to their wallets. Related Reading: Bitcoin Binary CDD Stays Low, Here\u2019s What This Means The miner outflow, however, has registered a pretty high spike in the same period. In total, around 1,750 BTC ($47 million) has exited the supply of the miners with this surge in the indicator. Since there haven’t been any inflows to counteract these outflows, a net amount of the asset has now left the miners’ wallets. This would mean that if the outflows were made for selling purposes, a net bearish effect should appear on the price. An indicator that helps better identify whether these transfers were for selling or not is the “miner to exchange flow,” which tracks only the miner outflows heading towards centralized exchanges. Usually, this cohort uses the exchanges when they want to take part in distribution. As shown in the above chart, however, the metric has remained low recently, meaning that these outflows haven’t directly entered into the wallets of these platforms. Though, the quant has discovered that the destination wallet of the 1,750 miner outflow made another transfer, which was indeed towards an exchange. “There is a high probability that 1,750 BTC ultimately went to Binance,” explains the analyst. Related Reading: This Bitcoin Support Line Is Still Active, Bullish Signal? When these outflows took place yesterday, Bitcoin was above the $27,000 level. Following them, however, the asset has observed a plunge and is now below this mark, suggesting that this latest selling pressure from the miners may have been behind the decline. BTC Price At the time of writing, Bitcoin is trading around $26,800, up 2% in the last week. BTC has declined today | 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":533999,"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":[428,461,639,87457,1119,1144],"class_list":["post-533988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-miners","tag-bitcoin-plunge","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Plunges Below $27,000 As Miners Show Signs Of Selling<\/title>\n<meta name=\"description\" content=\"Bitcoin has now dipped below the $27,000 level as on-chain data shows the miners have possibly been selling the asset recently.\" \/>\n<meta name=\"robots\" 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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 Plunges Below $27,000 As Miners Show Signs Of Selling","url":"http:\/\/uniquehot.com\/news\/bitcoin-plunges-below-27000-miners-signs-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-plunges-below-27000-miners-signs-selling\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/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 bearish","bitcoin miners","bitcoin plunge","btc","btcusd"],"dateCreated":"2023-05-19T13:36:42Z","datePublished":"2023-05-19T13:36:42Z","dateModified":"2024-06-11T08:10:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Plunges Below $27,000 As Miners Show Signs Of Selling\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-plunges-below-27000-miners-signs-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-plunges-below-27000-miners-signs-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/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 bearish\",\"bitcoin miners\",\"bitcoin plunge\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-19T13:36:42Z\",\"datePublished\":\"2023-05-19T13:36:42Z\",\"dateModified\":\"2024-06-11T08:10:30Z\"}<\/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\/05\/brian-wangenheim-qrRT69cCibA-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/533988"}],"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=533988"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/533988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/533999"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=533988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=533988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=533988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}