Bitcoin Miners Continue To Sell As Outflows Spike Again | Bitcoinist.com

Bitcoinist

On-chain data shows Bitcoin miners have continued their selling as outflows from their wallets have once again spiked up.

More Than 2.5k BTC Flows Out Of Bitcoin Miners’ Reserve

As pointed out by an analyst in a CryptoQuant post, BTC miners from Poolin look to have sold big over the past 24 hours.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The “miner outflow total” is an indicator that measures the total amount of Bitcoin moving out of wallets of all miners.

How To Get Free Crypto  

When the value of this metric surges up, it means miners are taking some coins out of their reserves at the moment.

Since miners usually withdraw coins from their wallets for selling on exchanges, such a trend can prove to be bearish for the crypto’s price.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Related Reading | Public Bitcoin Miners Struggle To Keep Up With Difficulty As BTC Production Declines

On the other hand, low values of the outflow suggests miners haven’t been showing much movement lately. This trend can be either neutral or bullish for the value of the coin.

Now, here is a chart that shows the trend in the Bitcoin miner outflows over the last few days:

The value of the indicator seems to have spiked up recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin miner outflow observed some high values during the past few days.

Coinbase Banner  

This may mean that in response to the crash in the price of the coin, miners have been selling some of their reserve.

Related Reading | Bitcoin Could Hit $100K By Yearend, Majority Of Fund Managers Predict, Based On Survey

The spike in the last 24 hours was larger than all the earlier ones, showing that miners aren’t slowing down their selling just yet.

The outflow chart for the mining pool Poolin suggests that miners belonging to this group might be behind the largest spikes.

Looks like miners withdrew large amounts from the Poolin reserve over the past couple of days | Source: CryptoQuant

BTC Price

At the time of writing, Bitcoin’s price floats around $20.6k, down 30% in the last seven days. Over the past month, the crypto has lost 31% in value.

FreeBitcoin Banner  

The below chart shows the trend in the price of the coin over the last five days.

The value of the crypto has looked to be just hanging above the $20k mark over the last few days | Source: BTCUSD on TradingView

Just a few days ago, Bitcoin observed a big crash where the price touched as low as $20k. So far since then, the coin has held above this level.

However, the crypto seems to have been moving sideways just above this mark so it’s unclear whether the level will continue to hold or if it may start to break down.

Featured image from Donna Ruiz on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Go to Source
Author: Hououin Kyouma


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.