On-chain data shows that Bitcoin miners moved around 4.4k BTC to Binance. This is also something that could indicate a bearish bias for the crypto price. Here are the details…
Change in the stock market flow of Bitcoin miners
As one analyst noted in a CryptoQuant post, the last transaction appears to have come from the Poolin mining pool. The relevant indicator here is the “miner-to-exchange flow”, which measures the total amount of coins moving from all miners’ wallets to all exchanges. When the value of this metric is high, it means that miners are currently sending large numbers of coins to centralized exchanges.
Such a trend could be a sign of dumping from these chain validators, as miners often transfer their BTC to exchanges for sale purposes. Thus, it could lead to a bearish bias for the crypto price. On the other hand, the low values of the indicator imply that these chain validators are not sending a lot of BTC to exchanges at the moment. Such a trend may indicate that miners are not putting too much selling pressure on the market at the moment. Therefore, there may be a neutral or bullish effect on the coin’s value depending on other conditions. Below is a chart showing the flow of change in the Bitcoin miner over the past few months:
As you can see in the chart above, Bitcoin has observed a huge spike in the past day to change its mining flow. In total, about 4.4k BTC transactions came from miner wallets associated with the Poolin mining pool and were sent to the crypto exchange Binance. There have been three other instances in the past few months where miners have sent money from their reserves to exchanges. Each of these also experienced drops in the crypto price. If the latest miner exchange flow was actually with the intent to sell, then the increase could be a drop for the value of the crypto, according to experts.
What is the latest situation in BTC price?
At the time of writing, the price of Bitcoin has been hovering around $19,900k, down 2 percent over the past seven days. In the past month, the crypto has lost 13 percent. The chart below shows the trend in the price of the largest cryptocurrency over the past five days. The primary cryptocurrency has failed to increase significantly in the past 24 hours. It fell about 2 percent.
As we reported on Kriptokoin.com, the bulls tried to push the price up several times, but failed to do so. In the end, this allowed the sellers to prevail and push BTC below the coveted $20,000 level once again. The last 24 hours have seen around $28 million of BTC positions liquidated, which is relatively insignificant. It shows that volatility has dried up. Currently, ETH futures traders seem much more common.
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