{"id":517108,"date":"2023-01-23T03:17:28","date_gmt":"2023-01-23T08:17:28","guid":{"rendered":"https:\/\/wncen.com\/?p=517108"},"modified":"2024-06-11T11:30:47","modified_gmt":"2024-06-11T11:30:47","slug":"big-players-not-interested-in-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/big-players-not-interested-in-bitcoin\/","title":{"rendered":"Bearish Indicator: Are Big Players No Longer Interested In Bitcoin?"},"content":{"rendered":"

Bitcoin prices are trending higher, but big players appear hesitant to buy into the current rally.<\/span><\/p>\n

Bitcoin Reserves Dropping<\/span><\/h2>\n

On-chain data shows that exchange, digital asset banks, and miner BTC reserves are relatively lower. Over the past weeks, the spot price of BTC has soared over 40%, bottoming at around $15,300 registered in Q4 2022. Bitcoin has now risen to retest $23,300, reaching a new Q1 2023 high.<\/span><\/p>\n

\"Bitcoin
Bitcoin Price on January 23| Source: BTCUSD on BitStamp, Trading View<\/a><\/figcaption><\/figure>\n

As history shows, the spike in Bitcoin prices should be at the back of solid support, mainly from heavyweights, including miners and digital asset banks.\u00a0<\/span><\/p>\n

Related Reading:<\/strong> Bitcoin Hits $23,000 As Crypto Market Cap Revisits $1 Trillion Mark<\/a><\/div>\n

Bitcoin miners tend to have big reserves of BTC at any point in time since they need to liquidate from time to time, meeting operation costs. In recent months, following the drop in Bitcoin prices coupled with a high hash rate potentially making mining success harder, their reserves have declined.\u00a0<\/span><\/p>\n

Looking at Bitcoin Miners’ and Digital Asset Banks’ Reserves<\/span><\/h2>\n

According to\u00a0<\/span>streams<\/span><\/a>, BTC reserves fell from 1.847 million on January 12 to 1.836 million on January 2023. During this time, the price of Bitcoin has been on a bullish run, questioning whether the pump is on an empty tank. <\/span><\/p>\n

It should be noted that miners tend to offload their coins when unsure of the price trajectory in weeks and months ahead.<\/span><\/p>\n

Their selling deluge punctures the upside momentum and might even push the coin lower. However, when miners are confident about what lies ahead, they accumulate, expecting the shift in trend to result in tidy profits on their end. Therefore, the current divergence between miner reserves and prices could be a bearish signal.<\/span><\/p>\n

Besides miners, digital asset bank reserves are declining<\/a>. Digital asset bank reserves refer to BTC held by these regulated institutions. Over the past few months, following the collapse of FTX, Alameda Research, and the effects it had on other players, including DCG and Genesis Global, their activity has been near non-existent.\u00a0<\/span><\/p>\n

The contraction means institutions are playing safe and may not be willing to accumulate and store their coins in these ramps. During the last bull cycle, from 2020 to 2021, there was noticeable activity amongst\u00a0<\/span>digital asset banks<\/span><\/a>, pointing to possible interest from institutions.<\/span><\/p>\n

Related Reading:<\/strong> This Bitcoin On-Chain Reading Confirms The Rally Is Getting Started<\/a><\/div>\n

Although traders and optimists might interpret the recent bounce in crypto prices as a net positive for BTC, the absence of leads, judging from institutional activity, may question whether the current rally would last longer. <\/span><\/p>\n

There might be a regulatory angle affecting digital asset banks’ involvement. Government agencies are asking whether crypto venture capitals and service providers did adequate due diligence before exposure to crypto in the last bull cycle. <\/span><\/p>\n

At the same time, some digital asset banks are reducing their crypto exposure, affecting activity.<\/span><\/p>\n

Feature Image by Dado Ruvic\/Reuters, Chart by Trading View<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin prices are trending higher, but big players appear hesitant to buy into the current rally. Bitcoin Reserves Dropping On-chain data shows that exchange, digital asset banks, and miner BTC reserves are relatively lower. Over the past weeks, the spot price of BTC has soared over 40%, bottoming at around $15,300 registered in Q4 2022. Bitcoin has now risen to retest $23,300, reaching a new Q1 2023 high. As history shows, the spike in Bitcoin prices should be at the back of solid support, mainly from heavyweights, including miners and digital asset banks.\u00a0 Related Reading: Bitcoin Hits $23,000 As Crypto Market Cap Revisits $1 Trillion Mark Bitcoin miners tend to have big reserves of BTC at any point in time since they need to liquidate from time to time, meeting operation costs. In recent months, following the drop in Bitcoin prices coupled with a high hash rate potentially making mining success harder, their reserves have declined.\u00a0 Looking at Bitcoin Miners’ and Digital Asset Banks’ Reserves According to\u00a0streams, BTC reserves fell from 1.847 million on January 12 to 1.836 million on January 2023. During this time, the price of Bitcoin has been on a bullish run, questioning whether the pump is on an empty tank. It should be noted that miners tend to offload their coins when unsure of the price trajectory in weeks and months ahead. Their selling deluge punctures the upside momentum and might even push the coin lower. However, when miners are confident about what lies ahead, they accumulate, expecting the shift in trend to result in tidy profits on their end. Therefore, the current divergence between miner reserves and prices could be a bearish signal. Besides miners, digital asset bank reserves are declining. Digital asset bank reserves refer to BTC held by these regulated institutions. Over the past few months, following the collapse of FTX, Alameda Research, and the effects it had on other players, including DCG and Genesis Global, their activity has been near non-existent.\u00a0 The contraction means institutions are playing safe and may not be willing to accumulate and store their coins in these ramps. During the last bull cycle, from 2020 to 2021, there was noticeable activity amongst\u00a0digital asset banks, pointing to possible interest from institutions. Related Reading: This Bitcoin On-Chain Reading Confirms The Rally Is Getting Started Although traders and optimists might interpret the recent bounce in crypto prices as a net positive for BTC, the absence of leads, judging from institutional activity, may question whether the current rally would last longer. There might be a regulatory angle affecting digital asset banks’ involvement. Government agencies are asking whether crypto venture capitals and service providers did adequate due diligence before exposure to crypto in the last bull cycle. At the same time, some digital asset banks are reducing their crypto exposure, affecting activity. Feature Image by Dado Ruvic\/Reuters, Chart by Trading View<\/p>\n","protected":false},"author":384,"featured_media":517109,"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":[428,639,679,1119,87530],"class_list":["post-517108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-price","tag-btc","tag-digital-asset-banks"],"acf":[],"yoast_head":"\nBearish Indicator: Are Big Players No Longer Interested In Bitcoin?<\/title>\n<meta name=\"description\" content=\"Bitcoin prices are trending higher, but big players appear hesitant to buy into the current rally. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bearish Indicator: Are Big Players No Longer Interested In Bitcoin?","url":"http:\/\/wncen.com\/news\/big-players-not-interested-in-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/big-players-not-interested-in-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/bitcoin-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/bitcoin-2.jpg?fit=770%2C513"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"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","bitcoin price","btc","digital asset banks"],"dateCreated":"2023-01-23T08:17:28Z","datePublished":"2023-01-23T08:17:28Z","dateModified":"2024-06-11T11:30:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bearish Indicator: Are Big Players No Longer Interested In Bitcoin?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/big-players-not-interested-in-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/big-players-not-interested-in-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/bitcoin-2.jpg?fit=770%2C513\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"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\",\"bitcoin price\",\"btc\",\"digital asset banks\"],\"dateCreated\":\"2023-01-23T08:17:28Z\",\"datePublished\":\"2023-01-23T08:17:28Z\",\"dateModified\":\"2024-06-11T11:30:47Z\"}<\/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\/2023\/01\/bitcoin-2.jpg?fit=770%2C513","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517108"}],"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\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=517108"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517109"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}