{"id":529383,"date":"2023-05-01T18:30:25","date_gmt":"2023-05-01T18:30:25","guid":{"rendered":"https:\/\/wncen.com\/?p=529383"},"modified":"2024-06-11T08:11:39","modified_gmt":"2024-06-11T08:11:39","slug":"bitcoin-bearish-signal-miners-continue-to-sell","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bearish-signal-miners-continue-to-sell\/","title":{"rendered":"Bitcoin Bearish Signal: Miners Continue To Sell"},"content":{"rendered":"

On-chain data shows that Bitcoin miners have continued to sell recently, a sign that can be bearish for the price of the cryptocurrency.<\/p>\n

Bitcoin Miner Reserve Has Been Going Down Since Rally Started<\/h2>\n

As an analyst in a CryptoQuant post<\/a> pointed out, BTC miners have continued to shave coins off their reserve recently. The “miner reserve<\/a>” is an indicator that measures the total amount of Bitcoin that all miners are holding in their wallets currently.<\/p>\n

Related Reading: Bitcoin Emerges As the King Of Assets,10X Growth Over Gold During US Banking Crisis<\/a><\/p>\n

When the value of this metric goes up, it means the miners are depositing a net number of coins into their wallets. This trend suggests these blockchain validators are accumulating the cryptocurrency. As miners are often a source of selling pressure in the market, their holding on and adding to their supply can be bullish for the price.<\/p>\n

On the other hand, a decreasing value in this indicator implies that miners are transferring some BTC out of their reserve. Since one of the main reasons why these investors may withdraw from their wallets is for selling-related purposes, such a trend can have bearish consequences for the asset’s value.<\/p>\n

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

\"Bitcoin<\/p>\n

The value of the metric seems to have gone down in recent days | Source: CryptoQuant<\/a><\/pre>\n
The above graph shows that the Bitcoin miner reserve saw a sharp plunge just as the rally began in January, suggesting that these investors sold to take advantage of the profit-taking opportunity. The drawdown in the metric was also quite sharp in this case and surpassed the levels seen during the FTX crash<\/a> last November.<\/p>\n
The miner reserve has only moved sideways or down since this selloff, suggesting that these holders haven’t participated in any accumulation in recent months; they have only been looking at chances to exit.<\/p>\n
Recently, when Bitcoin plunged from the $30,000 mark<\/a>, the indicator again saw a sharp leg down, meaning that this cohort was again selling their BTC.<\/p>\n
The drawdown in the indicator has also continued through the volatile price action observed in the last few days, suggesting that the BTC miners are still disposing of their coins.<\/p>\n
Though these investors may have been selling a net amount of coins recently, the actual scale of their selling isn’t that significant compared to their total reserve (they currently hold upwards of 1.82 million BTC in their wallets).<\/p>\n
Related Reading: Internet Computer (ICP) Social Dominance Hits 23-Month High, Top In?<\/a><\/div>\n
The quant notes, however, that the miners holding onto their coins for longer periods could be one of the crucial factors for the bullish trend’s health.<\/p>\n
It now remains to be seen whether these holders can reverse the trend anytime soon or if they will continue to sell Bitcoin in the short term. Either possibility is likely to have a profound effect on the BTC price.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,100, up 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the asset has plunged in the last day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Becca on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin miners have continued to sell recently, a sign that can be bearish for the price of the cryptocurrency. Bitcoin Miner Reserve Has Been Going Down Since Rally Started As an analyst in a CryptoQuant post pointed out, BTC miners have continued to shave coins off their reserve recently. The “miner reserve” is an indicator that measures the total amount of Bitcoin that all miners are holding in their wallets currently. Related Reading: Bitcoin Emerges As the King Of Assets,10X Growth Over Gold During US Banking Crisis When the value of this metric goes up, it means the miners are depositing a net number of coins into their wallets. This trend suggests these blockchain validators are accumulating the cryptocurrency. As miners are often a source of selling pressure in the market, their holding on and adding to their supply can be bullish for the price. On the other hand, a decreasing value in this indicator implies that miners are transferring some BTC out of their reserve. Since one of the main reasons why these investors may withdraw from their wallets is for selling-related purposes, such a trend can have bearish consequences for the asset’s value. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the past year: The value of the metric seems to have gone down in recent days | Source: CryptoQuant The above graph shows that the Bitcoin miner reserve saw a sharp plunge just as the rally began in January, suggesting that these investors sold to take advantage of the profit-taking opportunity. The drawdown in the metric was also quite sharp in this case and surpassed the levels seen during the FTX crash last November. The miner reserve has only moved sideways or down since this selloff, suggesting that these holders haven’t participated in any accumulation in recent months; they have only been looking at chances to exit. Recently, when Bitcoin plunged from the $30,000 mark, the indicator again saw a sharp leg down, meaning that this cohort was again selling their BTC. The drawdown in the indicator has also continued through the volatile price action observed in the last few days, suggesting that the BTC miners are still disposing of their coins. Though these investors may have been selling a net amount of coins recently, the actual scale of their selling isn’t that significant compared to their total reserve (they currently hold upwards of 1.82 million BTC in their wallets). Related Reading: Internet Computer (ICP) Social Dominance Hits 23-Month High, Top In? The quant notes, however, that the miners holding onto their coins for longer periods could be one of the crucial factors for the bullish trend’s health. It now remains to be seen whether these holders can reverse the trend anytime soon or if they will continue to sell Bitcoin in the short term. Either possibility is likely to have a profound effect on the BTC price. BTC Price At the time of writing, Bitcoin is trading around $28,100, up 3% in the last week. Looks like the value of the asset has plunged in the last day | Source: BTCUSD on TradingView Featured image from Becca on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":529402,"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":[428,85841,87446,639,1119,1144],"class_list":["post-529383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish-signal","tag-bitcoin-miner-selling","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Bearish Signal: Miners Continue To Sell<\/title>\n<meta name=\"description\" content=\"On-chain data shows that Bitcoin miners have continued to sell recently, a sign that can 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 Bearish Signal: Miners Continue To Sell","url":"http:\/\/wncen.com\/news\/bitcoin-bearish-signal-miners-continue-to-sell\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bearish-signal-miners-continue-to-sell\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903"},"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 selling","bitcoin miners","btc","btcusd"],"dateCreated":"2023-05-01T18:30:25Z","datePublished":"2023-05-01T18:30:25Z","dateModified":"2024-06-11T08:11:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bearish Signal: Miners Continue To Sell\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-signal-miners-continue-to-sell\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-signal-miners-continue-to-sell\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903\"},\"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 selling\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-05-01T18:30:25Z\",\"datePublished\":\"2023-05-01T18:30:25Z\",\"dateModified\":\"2024-06-11T08:11:39Z\"}<\/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\/05\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529383"}],"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=529383"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/529402"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=529383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=529383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=529383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}