{"id":467871,"date":"2021-07-21T19:00:13","date_gmt":"2021-07-21T19:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=467871"},"modified":"2024-06-11T10:34:34","modified_gmt":"2024-06-11T10:34:34","slug":"bitcoin-on-chain-huge-outflow-miners","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-chain-huge-outflow-miners\/","title":{"rendered":"Bitcoin On-chain Data Suggests Huge Outflow From Miners"},"content":{"rendered":"

Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges.<\/p>\n

On-chain Data Suggests Miners Transferred 11,816 BTC To Exchanges<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, 20 July saw a huge outflow from Bitcoin miners. The total outflow from that day is around 12k.<\/p>\n

Here is a chart that illustrates the trend in all miners BTC outflow over the last one year:<\/p>\n

\"Bitcoin<\/p>\n

BTC miner outflow seems to have spiked<\/pre>\n
There are a few interesting features in the chart. This sudden rise of almost 12k BTC observed on Wednesday is the most since May, when the price of the cryptocurrency crashed around 50%.<\/p>\n
Related Reading | As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply<\/a><\/strong><\/em><\/p>\n
This spike comes after a period where the miner outflows were relatively low when compared to the preceding months.<\/p>\n
As miner outflows only show how much Bitcoin was transferred by miners to exchanges, it’s not possible to tell how much of it was actually sold off.<\/p>\n
However, if the indicator’s value goes up, it does showcase that selling pressure has increased among miners, and it could impact the price of the crypto.<\/p>\n
Related Reading | TA: Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery<\/a><\/strong><\/em><\/p>\n
Another metric for knowing whether miners are selling or not is the Bitcoin all miners to all exchanges flow mean indicator. Here is the chart for it:<\/p>\n
\"Bitcoin<\/p>\n
BTC miner to exchanges flow mean seems to be on the rise<\/pre>\n
The above graph makes it clear that the value of this indicator has been on the rise for sometime now, and 20 July also saw a spike.<\/p>\n
The all miners to all exchanges flow mean showcases how the average transaction from miners to exchanges looks like. For 20 July, this value was just over 80 BTC, less than the 98 BTC spike seen just a few days back<\/a>.<\/p>\n
Though there are two things to consider regarding these miner metrics. The first is that many mining pools don’t believe that data like this is authentic.<\/p>\n
The second is that due to China’s crackdowns<\/a> on Bitcoin mining, the world hashrate took a nosedive. Now, miners have started relocating and restarting their operations in other countries. This would undoubtedly result in a change in these metrics as well.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, BTC’s price<\/a> floats around $32.5k, down 0.5% in the last 7 days.<\/p>\n
Below is a chart showing the trend in the price of Bitcoin over the past 6 months.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to be going up after a dip below $30k | Source: BTCUSD on TradingView<\/a><\/pre>\n
After a crash below $30k, Bitcoin has started to climb back up quickly. It remains to be seen if the coin can continue this trend and finally break past $35k, or if it’s going to be stuck in the same range as before again.<\/p>\n
Featured image from Pexels.com, charts from CryptoQuant<\/a>, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges. On-chain Data Suggests Miners Transferred 11,816 BTC To Exchanges As pointed out by a CryptoQuant post, 20 July saw a huge outflow from Bitcoin miners. The total outflow from that day is around 12k. Here is a chart that illustrates the trend in all miners BTC outflow over the last one year: BTC miner outflow seems to have spiked There are a few interesting features in the chart. This sudden rise of almost 12k BTC observed on Wednesday is the most since May, when the price of the cryptocurrency crashed around 50%. Related Reading | As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply This spike comes after a period where the miner outflows were relatively low when compared to the preceding months. As miner outflows only show how much Bitcoin was transferred by miners to exchanges, it’s not possible to tell how much of it was actually sold off. However, if the indicator’s value goes up, it does showcase that selling pressure has increased among miners, and it could impact the price of the crypto. Related Reading | TA: Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery Another metric for knowing whether miners are selling or not is the Bitcoin all miners to all exchanges flow mean indicator. Here is the chart for it: BTC miner to exchanges flow mean seems to be on the rise The above graph makes it clear that the value of this indicator has been on the rise for sometime now, and 20 July also saw a spike. The all miners to all exchanges flow mean showcases how the average transaction from miners to exchanges looks like. For 20 July, this value was just over 80 BTC, less than the 98 BTC spike seen just a few days back. Though there are two things to consider regarding these miner metrics. The first is that many mining pools don’t believe that data like this is authentic. The second is that due to China’s crackdowns on Bitcoin mining, the world hashrate took a nosedive. Now, miners have started relocating and restarting their operations in other countries. This would undoubtedly result in a change in these metrics as well. Bitcoin Price At the time of writing, BTC’s price floats around $32.5k, down 0.5% in the last 7 days. Below is a chart showing the trend in the price of Bitcoin over the past 6 months. BTC seems to be going up after a dip below $30k | Source: BTCUSD on TradingView After a crash below $30k, Bitcoin has started to climb back up quickly. It remains to be seen if the coin can continue this trend and finally break past $35k, or if it’s going to be stuck in the same range as before again. Featured image from Pexels.com, charts from CryptoQuant, TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":467886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,1119,1144,69557],"class_list":["post-467871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-btc","tag-btcusd","tag-on-chain-data"],"acf":[],"yoast_head":"\nBitcoin On-chain Data Suggests Huge Outflow From Miners<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges. 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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:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On-chain Data Suggests Huge Outflow From Miners","url":"http:\/\/wncen.com\/news\/bitcoin-on-chain-huge-outflow-miners\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-on-chain-huge-outflow-miners\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/pexels-tima-miroshnichenko-7567486-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/pexels-tima-miroshnichenko-7567486-scaled.jpg?fit=2560%2C1706"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","btc","btcusd","on-chain data"],"dateCreated":"2021-07-21T19:00:13Z","datePublished":"2021-07-21T19:00:13Z","dateModified":"2024-06-11T10:34:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On-chain Data Suggests Huge Outflow From Miners\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-chain-huge-outflow-miners\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-chain-huge-outflow-miners\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-tima-miroshnichenko-7567486-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/pexels-tima-miroshnichenko-7567486-scaled.jpg?fit=2560%2C1706\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"btc\",\"btcusd\",\"on-chain data\"],\"dateCreated\":\"2021-07-21T19:00:13Z\",\"datePublished\":\"2021-07-21T19:00:13Z\",\"dateModified\":\"2024-06-11T10:34:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/pexels-tima-miroshnichenko-7567486-scaled.jpg?fit=2560%2C1706","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/467871"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=467871"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/467871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/467886"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=467871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=467871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=467871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}