Bitcoin (BTC) miner outputs have risen recently, according to data provided by on-chain data provider CryptoQuant. Meanwhile, the BTC price dropped very drastically on Monday. According to experts, these two aspects taken together mean that BTC miners played a role in the recent sales that brought the price of the leading crypto below $ 42 thousand.
Miner exits accelerated before Bitcoin crash
In a CryptoQuant post, an analyst shared that BTC miners were one of the sellers behind the drop to $42,000. The relevant indicator here is the “miner exit”, which measures the total amount of Bitcoin mined from all miners’ wallets.
When the value of this metric increases, it means that miners are currently removing a large number of cryptocurrencies from their wallets. Such a trend could be bearish for the crypto price as it could be a sign of dumping from these original whales, according to experts. On the other hand, experts state that the low values of these outflows indicate a normal or healthy amount of sales from miners, and that the price of Bitcoin may rise if this trend is maintained.
Graph showing trend in Bitcoin miner exits | Source: CryptoQuant As you can see in the chart above, Bitcoin miner outputs seem to have spiked in recent weeks, just before the sell-off. This suggests that miners may have played a role in the recent decline, pushing the price of the leading crypto below the $42,000 level.
A trend like this has been observed several times over the past few months, as indicated by the quantity on the chart. At this time, it is unclear whether Bitcoin miners have calmed down or if more sales will follow in the next few days.
BTC price action
After holding strongly above the level for nearly twenty days, falling sharply, BTC is now targeting the $41,000 mark once again. At the time of writing, the price of the leading cryptocurrency has been fluctuating around $40,317, down 11.95% in the last seven days.
Bitcoin price weekly chart / Source: CoinMarketCap As we reported onKriptokoin.com, crypto futures are also big on Monday due to this sharp downward trend in crypto prices as well as the wider market. amount was eliminated.
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