{"id":495091,"date":"2022-07-07T19:00:43","date_gmt":"2022-07-07T19:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=495091"},"modified":"2024-06-11T12:45:48","modified_gmt":"2024-06-11T12:45:48","slug":"bitcoin-miners-been-dumping-price-held-so-far","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miners-been-dumping-price-held-so-far\/","title":{"rendered":"Bitcoin Miners Have Been Dumping, But Price Has Held So Far"},"content":{"rendered":"

On-chain data shows Bitcoin miners have been dumping during the past couple of weeks, but the price of the crypto has held up so far.<\/p>\n

Bitcoin Miner Reserve Has Lost 10k BTC In Last Two Weeks As Miners Sell<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, while miners have been selling in recent days, the value of BTC has refused to budge.<\/p>\n

The “miner reserve<\/a>” is an indicator that measures the total amount of Bitcoin currently present in the wallets of all miners.<\/p>\n

When the value of this metric goes down, it means coins are exiting miner wallets right now. As miners usually transfer out their BTC for selling on exchanges, such a trend can be bearish for the crypto’s price.<\/p>\n

Related Reading |\u00a0Bitcoin Sets Record For Worst Quarter Since 2011, What’s Next?<\/a><\/em><\/strong><\/p>\n

On the other hand, the value of the reserve rising up can suggest miners are accumulating at the moment as their wallets are filling up. Naturally, this kind of trend, if prolonged, can be bullish for BTC.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last year and a half:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the indicator has plummeted down in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Bitcoin miner reserve reached a local high on 17th June. Since then, the metric has observed a sharp decline in the last couple of weeks.<\/p>\n
This means that a large amount of coins have exited miner wallets during this period. The total withdrawal seems to have measured at about 10k BTC.<\/p>\n
Related Reading |\u00a0SEC Still Against Spot-based Bitcoin ETFs. Is There A Light At The End Of The Tunnel?<\/a><\/em><\/strong><\/p>\n
While this decline has occurred, however, the price has mostly observed sideways movement. This could mean that there is currently enough buying happening in the market to make up for this selling from the miners.<\/p>\n
The quant in the post believes that the price holding through this dumping and other recent negative news<\/a> like multiple lending platforms approaching bankruptcy, can be a sign that the bottom may be in.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $20.4k, up 7% in the last seven days. Over the past month, the crypto has lost 37% in value.<\/p>\n
The below chart shows the trend in the price of the coin over the last five days.<\/p>\n
\"Bitcoin<\/p>\n
The value of the crypto seems to have observed an uplift during the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
After moving sideways around the $19k mark for a while, Bitcoin finally seems to have gained some footing above $20k during the past few days.<\/p>\n
Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin miners have been dumping during the past couple of weeks, but the price of the crypto has held up so far. Bitcoin Miner Reserve Has Lost 10k BTC In Last Two Weeks As Miners Sell As pointed out by an analyst in a CryptoQuant post, while miners have been selling in recent days, the value of BTC has refused to budge. The “miner reserve” is an indicator that measures the total amount of Bitcoin currently present in the wallets of all miners. When the value of this metric goes down, it means coins are exiting miner wallets right now. As miners usually transfer out their BTC for selling on exchanges, such a trend can be bearish for the crypto’s price. Related Reading |\u00a0Bitcoin Sets Record For Worst Quarter Since 2011, What’s Next? On the other hand, the value of the reserve rising up can suggest miners are accumulating at the moment as their wallets are filling up. Naturally, this kind of trend, if prolonged, can be bullish for BTC. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last year and a half: Looks like the value of the indicator has plummeted down in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin miner reserve reached a local high on 17th June. Since then, the metric has observed a sharp decline in the last couple of weeks. This means that a large amount of coins have exited miner wallets during this period. The total withdrawal seems to have measured at about 10k BTC. Related Reading |\u00a0SEC Still Against Spot-based Bitcoin ETFs. Is There A Light At The End Of The Tunnel? While this decline has occurred, however, the price has mostly observed sideways movement. This could mean that there is currently enough buying happening in the market to make up for this selling from the miners. The quant in the post believes that the price holding through this dumping and other recent negative news like multiple lending platforms approaching bankruptcy, can be a sign that the bottom may be in. BTC Price At the time of writing, Bitcoin’s price floats around $20.4k, up 7% in the last seven days. Over the past month, the crypto has lost 37% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have observed an uplift during the last few days | Source: BTCUSD on TradingView After moving sideways around the $19k mark for a while, Bitcoin finally seems to have gained some footing above $20k during the past few days. Featured image from Mariia Shalabaieva on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":495100,"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":[428,86335,86334,639,1119,1144],"class_list":["post-495091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-dumping","tag-bitcoin-miner-reserve","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Miners Have Been Dumping, But Price Has Held So Far<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin miners have been dumping during the past couple of weeks, but the price of the crypto has held up so far. 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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. 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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 Miners Have Been Dumping, But Price Has Held So Far","url":"http:\/\/wncen.com\/news\/bitcoin-miners-been-dumping-price-held-so-far\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-miners-been-dumping-price-held-so-far\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/mariia-shalabaieva-AbKm1pJjV1k-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/mariia-shalabaieva-AbKm1pJjV1k-unsplash-scaled.jpg?fit=2560%2C1688"},"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 dumping","bitcoin miner reserve","bitcoin miners","btc","btcusd"],"dateCreated":"2022-07-07T19:00:43Z","datePublished":"2022-07-07T19:00:43Z","dateModified":"2024-06-11T12:45:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Have Been Dumping, But Price Has Held So Far\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-been-dumping-price-held-so-far\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miners-been-dumping-price-held-so-far\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/mariia-shalabaieva-AbKm1pJjV1k-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/mariia-shalabaieva-AbKm1pJjV1k-unsplash-scaled.jpg?fit=2560%2C1688\"},\"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 dumping\",\"bitcoin miner reserve\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-07-07T19:00:43Z\",\"datePublished\":\"2022-07-07T19:00:43Z\",\"dateModified\":\"2024-06-11T12:45:48Z\"}<\/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\/2022\/07\/mariia-shalabaieva-AbKm1pJjV1k-unsplash-scaled.jpg?fit=2560%2C1688","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495091"}],"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=495091"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/495100"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=495091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=495091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=495091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}