Bitcoin Bearish Signal: Miners Continue Transfers To Exchanges

2022-9-16 22:00

On-chain data shows miners have sent a large amount of Bitcoin to spot exchanges recently, something that can be bearish for the value of the crypto.

Bitcoin Miners To Spot Exchanges Flow Has Surged Up Over The Past Day

As pointed out by an analyst in a CryptoQuant post, the latest spike in the miner exchange deposits is larger than any other recent peaks.

The relevant indicator here is the “miners to spot exchanges flow mean,” which measures the total amount of Bitcoin being transferred by miners to spot exchanges.

When the value of this metric shoots up, it means miners have just sent a large number of coins to exchanges. Since these chain validators usually deposit to spot markets for selling purposes, this kind of trend can prove to be bearish for the price of BTC.

On the other hand, the value of the indicator being low suggests there aren’t many transactions happening from miner wallets to centralized exchange wallets. Such a trend can be either neutral or bullish for the value of the coin as it implies there isn’t much selling pressure coming from this cohort right now.

Now, here is a chart that shows the trend in the Bitcoin miners to spot exchanges flow mean over the last couple of weeks:

The hourly value of the metric seems to have been quite high in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin miners to spot exchanges flow mean has observed a huge spike during the past day.

The last two weeks saw several exchange inflows coming from miners, after each of which the price generally suffered a short-term decline.

This latest increase in the miner spot deposits is significantly larger than any other seen in this period, and has come while the price has already plunged down. This is unlike the previous ones, which came as the price was around a peak.

If the same trend as the previous miner exchange inflows follows this time as well, then these fresh deposits are also likely to have a bearish impact on Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.1k, up 4% in the last seven days. Over the past month, the crypto has lost 17% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto plummeted down a few days back and has since moved sideways | Source: BTCUSD on TradingView Featured image from Brent Jones on Unsplash.com, charts from TradingView.com, CryptoQuant.com origin »

Bitcoin price in Telegram @btc_price_every_hour

Bitcoin (BTC) на Currencies.ru

$ 64382.6 (+0.05%)
Объем 24H $17.742b
Изменеия 24h: -0.64 %, 7d: 0.74 %
Cегодня L: $64118.55 - H: $64461.86
Капитализация $1291.955b Rank 1
Цена в час новости $ 19754.73 (225.91%)

exchanges miners bitcoin spot bearish peaks analyst

Источник: newsbtc.com

exchanges miners → Результатов: 100


Фото:

Monero security flaw could’ve seen XMR stolen from cryptocurrency exchanges

Privacy-focused altcoin Monero has suddenly disclosed nine security vulnerabilities — including one that could have allowed hackers to steal XMR from cryptocurrency exchanges. Until March, rogue Monero miners were hypothetically able to create “specifically-crafted” blocks to force Monero wallets into accepting fake deposits for an XMR amount chosen by the attacker.

2019-7-4 18:18


Bitcoin SV Miners Accumulating a Gross Loss of US $2.2 Million Since November 2018

Currently, Bitcoin SV is under of threat of getting delisted from the biggest cryptocurrency exchange Binance and further potential of similar delisting on all of the exchanges as the crypto community comes together in support of Hodlonaut, a Bitcoiner who launched Lightning Torch and is now being attacked by Bitcoin SV supporter Craig Wright for […]

2019-4-13 17:36


Фото:

Galaxy Digital Reportedly Raising $250M to Help Firms Survive Crypto Winter

The current market environment has caused several cryptocurrency companies such as exchanges, and miners to cancel growth plans, downsize their operations or even completely shut down. A massive new fund reportedly in the works is designed to help such struggling firms with much-needed finance until the situation improves and they return to profitability.

2019-1-25 23:41


Фото:

A Bug Making Ethereum Transactions on Exchanges Vulnerable Has Been Fixed

A bug centering around a new Ethereum token, GasToken, which was enabling abuse on cryptocurrency exchanges, appears to have been resolved. The details are provided in a report originally published on November 13, 2018, that discussed how the bug was exploited by attackers, and what digital platforms could do if they wished to protect their hot wallet funds.

2018-11-22 00:34


Нуриэль Рубини: Децентрализация криптовалют — это миф, а Бутерин — диктатор

Экономист Нуриэль Рубини, известный под прозвищем «Доктор Дум», заявил, что децентрализация криптовалют — это миф, а коэффициент Джини в сети биткоина хуже, чем в Северной Корее. Decentralization in crypto is a myth.

2018-10-8 11:57


«Доктор Дум»: криптовалюты — это хуже, чем Северная Корея

Экономист Нуриэль Рубини, известный под прозвищем «Доктор Дум», заявил, что децентрализация криптовалют — это миф, а коэффициент Джини в сети биткоина хуже, чем в Северной Корее. Decentralization in crypto is a myth.

2018-10-8 11:23


дальше еще 51 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Eric Trump Has A Bitcoin Strategy That Could Make Michael Saylor Sweat

Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin, has laid out an aggressive Bitcoin accumulation framework that positions the Trump-backed company as a direct challenger to Strategy — Michael Saylor’s industry-defining Bitcoin treasury firm — through a combination of in-house mining, disciplined treasury retention, and what ABTC describes as a “mining to treasury” […]

BNY Partners with Key Companies to Expand Crypto Custody in the UAE

BNY, the world’s largest custodian bank overseeing $59.4 trillion in assets, has announced a strategic collaboration with Finstreet Limited and ADI Foundation to build regulated, institutional-grade digital asset custody infrastructure anchored in the Abu Dhabi Global Market (ADGM) — marking the first time a US global systemically important bank has brought crypto custody to the […]

Bitcoin ETFs Hold Billions as BTC Slips Below $70K, Analysts Warn of Potential Free Fall

Bitcoin’s (BTC) struggle to hold key price levels is raising fresh concerns across crypto markets, even as spot exchange-traded funds continue to control tens of billions of dollars in assets. Related Reading: Bitcoin May Gain If AI Job Losses Trigger Bank Stress, Hayes Says The largest cryptocurrency has fallen back below the psychologically important $70,000 mark, trading around $68,000 after weeks of steady selling pressure and weakening momentum.