{"id":627262,"date":"2024-07-02T03:30:26","date_gmt":"2024-07-02T03:30:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=627262"},"modified":"2024-07-02T02:52:28","modified_gmt":"2024-07-02T02:52:28","slug":"quant-q3-rally-bitcoin-miner-selling-pressure","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/quant-q3-rally-bitcoin-miner-selling-pressure\/","title":{"rendered":"Bitcoin Q3 Rally Possible As Miner Selloff Finishes, Quant Says"},"content":{"rendered":"<p>A quant has explained how a rally could be possible for Bitcoin in this third quarter of 2024 as miner selling pressure has disappeared.<\/p>\n<h2>Bitcoin Miners Appear To Have Stopped Their Selling<\/h2>\n<p>In a CryptoQuant Quicktake <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66820530a3f5b8210d5be563-Miners-selling-concerns-resolved-third-quarter-rally-possible\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a>, an analyst has talked about how the selling pressure concerns from miners have resolved recently. There are two on-chain indicators of focus here.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-underbought-bitcoin-overbought-santiment\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu \u2018Underbought,\u2019 While Bitcoin \u2018Overbought\u2019 Recently: Santiment<\/a><\/div>\n<p>The first of these is the &#8220;<a href=\"https:\/\/uniquehot.com\/news\/bitcoin-miners-deposit-exchanges-more-decline-ahead\/\" target=\"_blank\" rel=\"noopener \">Miner to Exchange Transactions<\/a>,&#8221; which, as its name suggests, keeps track of the total number of transactions that are going from miner-related wallets to exchange-affiliated ones.<\/p>\n<p>When the value of this metric is high, it means the miners are making a high number of deposits to exchanges. Generally, the main reason why these chain validators may transfer their coins to these centralized entities is for selling-related purposes.<\/p>\n<p>As such, this kind of trend can have potential bearish consequences for the market. Low values of the indicator, on the other hand, could either be neutral or bullish for the asset, as they imply miners are possibly not participating in any selling through these platforms.<\/p>\n<p>Now, here is a chart that shows the trend in the Bitcoin Miner to Exchange Transactions over the past year or so:<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/53005\/quicktake\/14RDS_0d69ffab787ee924bf5ca37db287548ff957236622a1770b897c2424732ff02a.png?resize=1280%2C716&#038;ssl=1\" alt=\"Bitcoin Miner to Exchange Transactions\" width=\"1280\" height=\"716\"><figcaption class=\"wp-caption-text\">The value of the indicator appears to have registered a sharp plunge recently | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66820530a3f5b8210d5be563-Miners-selling-concerns-resolved-third-quarter-rally-possible\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/figcaption><\/figure>\n<p>As is visible in the above graph, the Bitcoin Miner to Exchange Transactions had been rising between late 2023 and end of April of this year. This uptrend in the metric had taken place as the price of the cryptocurrency itself had been going through a rally.<\/p>\n<p>It would appear that the miners saw the rally as an exit opportunity, as they gradually upped their selling pressure as the price went towards a <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-whales-cashing-out\/\" target=\"_blank\" rel=\"noopener \">new all-time high (ATH)<\/a>.<\/p>\n<p>It&#8217;s also apparent, however, that since the peak in April, the indicator&#8217;s value has observed a very rapid decline. Thus, it&#8217;s possible that miners&#8217; appetite for selling has cooled off.<\/p>\n<p>Exchanges aren&#8217;t the only way miners sell, however, as <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-miners-reserves-deplete-amidst-high-otc-selling\/\" target=\"_blank\" rel=\"noopener \">over-the-counter (OTC) desks<\/a> are also a popular option among these chain validators. Below is a chart that shows the trend in the Total OTC Desk Balance, which is an indicator that keeps track of the non-exchange and non-miner wallets that miners send to when they want to sell.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/53005\/quicktake\/zPkn7pp_34dbbd3f9ded1b1e9b3d2795417f499e073e2dc9daddfdb9f7b7aa6ab45a2fe6.png?resize=1280%2C715&#038;ssl=1\" alt=\"Bitcoin OTC Desk Balance\" width=\"1280\" height=\"715\"><figcaption class=\"wp-caption-text\">Looks like the metric had been at high levels until very recently | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66820530a3f5b8210d5be563-Miners-selling-concerns-resolved-third-quarter-rally-possible\" rel=\"nofollow\">CryptoQuant<\/a><\/figcaption><\/figure>\n<p>From the graph, it&#8217;s visible that the Total OTC Desk Balance had been at relatively high levels just earlier, suggesting that these entities that are likely OTC desks had been holding a large number of coins.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-sol-surges-18-but-watch-out-for-crowd-fomo\/\" target=\"_blank\" rel=\"noopener \">Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO<\/a><\/div>\n<p>In the past couple of days, though, the indicator has seen a sharp decrease, potentially implying that the coins that had piled up in these wallets have now found a buyer.<\/p>\n<p>Thus, it would seem that miners have eased off their selling pressure on exchanges and the coins that they had been waiting to sell on OTC desks have also now been absorbed. &#8220;Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024,&#8221; notes the quant.<\/p>\n<h2>BTC Price<\/h2>\n<p>Bitcoin has shown some recovery over the last 24 hours as the asset&#8217;s price has now rebounded back above the $63,700 mark.<\/p>\n<figure style=\"width: 1534px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/vgp9z0tY\/\" alt=\"Bitcoin Price Chart\" width=\"1534\" height=\"854\"><figcaption class=\"wp-caption-text\">The price of the coin seems to have surged over the last couple of days | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A quant has explained how a rally could be possible for Bitcoin in this third quarter of 2024 as miner selling pressure has disappeared. Bitcoin Miners Appear To Have Stopped Their Selling In a CryptoQuant Quicktake post, an analyst has talked about how the selling pressure concerns from miners have resolved recently. There are two on-chain indicators of focus here. Related Reading: Shiba Inu \u2018Underbought,\u2019 While Bitcoin \u2018Overbought\u2019 Recently: Santiment The first of these is the &#8220;Miner to Exchange Transactions,&#8221; which, as its name suggests, keeps track of the total number of transactions that are going from miner-related wallets to exchange-affiliated ones. When the value of this metric is high, it means the miners are making a high number of deposits to exchanges. Generally, the main reason why these chain validators may transfer their coins to these centralized entities is for selling-related purposes. As such, this kind of trend can have potential bearish consequences for the market. Low values of the indicator, on the other hand, could either be neutral or bullish for the asset, as they imply miners are possibly not participating in any selling through these platforms. Now, here is a chart that shows the trend in the Bitcoin Miner to Exchange Transactions over the past year or so: As is visible in the above graph, the Bitcoin Miner to Exchange Transactions had been rising between late 2023 and end of April of this year. This uptrend in the metric had taken place as the price of the cryptocurrency itself had been going through a rally. It would appear that the miners saw the rally as an exit opportunity, as they gradually upped their selling pressure as the price went towards a new all-time high (ATH). It&#8217;s also apparent, however, that since the peak in April, the indicator&#8217;s value has observed a very rapid decline. Thus, it&#8217;s possible that miners&#8217; appetite for selling has cooled off. Exchanges aren&#8217;t the only way miners sell, however, as over-the-counter (OTC) desks are also a popular option among these chain validators. Below is a chart that shows the trend in the Total OTC Desk Balance, which is an indicator that keeps track of the non-exchange and non-miner wallets that miners send to when they want to sell. From the graph, it&#8217;s visible that the Total OTC Desk Balance had been at relatively high levels just earlier, suggesting that these entities that are likely OTC desks had been holding a large number of coins. Related Reading: Solana (SOL) Surges 18%, But Watch Out For Crowd FOMO In the past couple of days, though, the indicator has seen a sharp decrease, potentially implying that the coins that had piled up in these wallets have now found a buyer. Thus, it would seem that miners have eased off their selling pressure on exchanges and the coins that they had been waiting to sell on OTC desks have also now been absorbed. &#8220;Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024,&#8221; notes the quant. BTC Price Bitcoin has shown some recovery over the last 24 hours as the asset&#8217;s price has now rebounded back above the $63,700 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":627284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,639,640,6481,87375,86007,1119,1144],"class_list":["post-627262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-mining","tag-bitcoin-rally","tag-bitcoin-selling","tag-bitcoin-selling-pressure","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Q3 Rally Possible As Miner Selloff Finishes, Quant Says<\/title>\n<meta name=\"description\" content=\"A quant has explained how a rally could be possible for Bitcoin in this third quarter of 2024 as miner selling pressure has disappeared.\" \/>\n<meta name=\"robots\" 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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. 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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 Q3 Rally Possible As Miner Selloff Finishes, Quant Says","url":"http:\/\/uniquehot.com\/bitcoin-news\/quant-q3-rally-bitcoin-miner-selling-pressure\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/bitcoin-news\/quant-q3-rally-bitcoin-miner-selling-pressure\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/btc.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/btc.png?fit=1792%2C1024"},"articleSection":"Bitcoin 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 miners","bitcoin mining","bitcoin rally","bitcoin selling","bitcoin selling pressure","btc","btcusd"],"dateCreated":"2024-07-02T03:30:26Z","datePublished":"2024-07-02T03:30:26Z","dateModified":"2024-07-02T03:30:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Q3 Rally Possible As Miner Selloff Finishes, Quant Says\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/quant-q3-rally-bitcoin-miner-selling-pressure\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/quant-q3-rally-bitcoin-miner-selling-pressure\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/btc.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/btc.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin 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 miners\",\"bitcoin mining\",\"bitcoin rally\",\"bitcoin selling\",\"bitcoin selling pressure\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-07-02T03:30:26Z\",\"datePublished\":\"2024-07-02T03:30:26Z\",\"dateModified\":\"2024-07-02T03:30:26Z\"}<\/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\/2024\/07\/btc.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/627262"}],"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=627262"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/627262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/627284"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=627262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=627262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=627262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}