{"id":522427,"date":"2023-03-09T14:30:45","date_gmt":"2023-03-09T14:30:45","guid":{"rendered":"https:\/\/wncen.com\/?p=522427"},"modified":"2024-06-11T08:13:23","modified_gmt":"2024-06-11T08:13:23","slug":"bitcoin-miner-reserve-plunges-bearish-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miner-reserve-plunges-bearish-price\/","title":{"rendered":"Bitcoin Miner Reserve Plunges, Bearish Sign For Price?"},"content":{"rendered":"

On-chain data shows the Bitcoin miner reserve has observed a decline recently, a sign that may be bearish for the price of the cryptocurrency.<\/p>\n

Bitcoin Miner Reserve Has Been Going Down In Recent Days<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the BTC miner reserve has now hit new yearly lows. The “miner reserve<\/a>” is an indicator that measures the total amount of Bitcoin currently sitting in the wallets of all miners.<\/p>\n

When the value of this metric rises, it means miners are adding more coins to their wallets right now. Such a trend suggests this cohort is interested in accumulating<\/a> BTC currently. Miners are an important part of the market and their HODLing the coin can be a positive sign for the price.<\/p>\n

On the other hand, the indicator’s value going down implies this cohort is withdrawing their coins from their wallets at the moment. Usually, the main reason why miners transfer the asset out of their reserves is for selling purposes. Thus, the price of the cryptocurrency could feel a bearish impact whenever the metric shows this trend.<\/p>\n

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

\"Bitcoin<\/p>\n

The value of the metric seems to have been trending down in recent weeks | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin miner reserve has been moving on a downward trajectory since the latest rally<\/a> in the asset’s price started. This means that these chain validators have been looking at the price surge as a profitable exit opportunity.<\/p>\n
Normally, the reason why miners sell their coins is because of the fact that they always have to pay continuous running expenses like electricity bills. Particularly large selloffs, however, can be a sign that they are struggling more than usual right now.<\/p>\n
Related Reading: Bitcoin \u201cSocial Dominance\u201d Surges As Altcoins Struggle<\/a><\/div>\n
After the initial plunge in the indicator (which was when the rally had only just ramped up), the metric had gone stale for a while. Recently, however, the miner reserve has noticed some fresh decline.<\/p>\n
This new downtrend in the indicator has in fact coincided with the BTC price also showing a decline, suggesting that it may have been selling from the miners that were behind the price plunge.<\/p>\n
Following the latest leg down in the Bitcoin miner reserve, the indicator’s value has now hit a new yearly low. As the decline hasn’t actually slowed down in the last few days, it’s possible that this cohort has still not finished their selloff.<\/p>\n
Related Reading: Bitcoin MVRV Approaches Crucial Retest, Here\u2019s What Can Happen Next<\/a><\/div>\n
“This selling behavior might end up in a mid-term bearish sentiment in the market,” notes the quant. “As a result, it is better to manage risks in the upcoming weeks.”<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $21,600, down 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the asset has gone stale in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin miner reserve has observed a decline recently, a sign that may be bearish for the price of the cryptocurrency. Bitcoin Miner Reserve Has Been Going Down In Recent Days As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has now hit new yearly lows. The “miner reserve” is an indicator that measures the total amount of Bitcoin currently sitting in the wallets of all miners. When the value of this metric rises, it means miners are adding more coins to their wallets right now. Such a trend suggests this cohort is interested in accumulating BTC currently. Miners are an important part of the market and their HODLing the coin can be a positive sign for the price. On the other hand, the indicator’s value going down implies this cohort is withdrawing their coins from their wallets at the moment. Usually, the main reason why miners transfer the asset out of their reserves is for selling purposes. Thus, the price of the cryptocurrency could feel a bearish impact whenever the metric shows this trend. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last year or so: The value of the metric seems to have been trending down in recent weeks | Source: CryptoQuant As displayed in the above graph, the Bitcoin miner reserve has been moving on a downward trajectory since the latest rally in the asset’s price started. This means that these chain validators have been looking at the price surge as a profitable exit opportunity. Normally, the reason why miners sell their coins is because of the fact that they always have to pay continuous running expenses like electricity bills. Particularly large selloffs, however, can be a sign that they are struggling more than usual right now. Related Reading: Bitcoin \u201cSocial Dominance\u201d Surges As Altcoins Struggle After the initial plunge in the indicator (which was when the rally had only just ramped up), the metric had gone stale for a while. Recently, however, the miner reserve has noticed some fresh decline. This new downtrend in the indicator has in fact coincided with the BTC price also showing a decline, suggesting that it may have been selling from the miners that were behind the price plunge. Following the latest leg down in the Bitcoin miner reserve, the indicator’s value has now hit a new yearly low. As the decline hasn’t actually slowed down in the last few days, it’s possible that this cohort has still not finished their selloff. Related Reading: Bitcoin MVRV Approaches Crucial Retest, Here\u2019s What Can Happen Next “This selling behavior might end up in a mid-term bearish sentiment in the market,” notes the quant. “As a result, it is better to manage risks in the upcoming weeks.” BTC Price At the time of writing, Bitcoin is trading around $21,600, down 7% in the last week. Looks like the value of the asset has gone stale in the last few days | Source: BTCUSD on TradingView Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":522464,"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":[428,85841,86334,639,1119,1144],"class_list":["post-522427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish-signal","tag-bitcoin-miner-reserve","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Miner Reserve Plunges, Bearish Sign For Price?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin miner reserve has observed a decline recently, a sign that may be bearish for the price of the cryptocurrency. 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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 Miner Reserve Plunges, Bearish Sign For Price?","url":"http:\/\/wncen.com\/news\/bitcoin-miner-reserve-plunges-bearish-price\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-miner-reserve-plunges-bearish-price\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-scaled.jpg?fit=2560%2C1570"},"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 bearish signal","bitcoin miner reserve","bitcoin miners","btc","btcusd"],"dateCreated":"2023-03-09T14:30:45Z","datePublished":"2023-03-09T14:30:45Z","dateModified":"2024-06-11T08:13:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miner Reserve Plunges, Bearish Sign For Price?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miner-reserve-plunges-bearish-price\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-miner-reserve-plunges-bearish-price\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-scaled.jpg?fit=2560%2C1570\"},\"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 bearish signal\",\"bitcoin miner reserve\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-09T14:30:45Z\",\"datePublished\":\"2023-03-09T14:30:45Z\",\"dateModified\":\"2024-06-11T08:13:23Z\"}<\/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\/03\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-scaled.jpg?fit=2560%2C1570","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522427"}],"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=522427"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522464"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=522427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=522427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=522427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}