{"id":549727,"date":"2023-09-01T15:00:48","date_gmt":"2023-09-01T15:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=549727"},"modified":"2024-06-11T07:07:15","modified_gmt":"2024-06-11T07:07:15","slug":"bitcoin-plunges-to-26000-as-miners-sell-big","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-plunges-to-26000-as-miners-sell-big\/","title":{"rendered":"Bitcoin Plunges To $26,000 As Miners Sell Big"},"content":{"rendered":"

Bitcoin has plunged towards the $26,000 level as on-chain data shows the Bitcoin mines have been participating in a selloff.<\/p>\n

Bitcoin Miner To Exchange Flow Has Spiked During The Past Day<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the miners have been showing signs of selling recently. The relevant indicator here is the “miner to exchange flow<\/a>,” which keeps track of the total amount of Bitcoin that miners are depositing to exchanges.<\/p>\n

Generally, these chain validators only make such transactions when they intend to sell, so the indicator’s value observing a spike can be a sign of a selloff.<\/p>\n

The below chart shows the trend in the 7-day moving average (MA) BTC miner to exchange flow over the past couple of weeks:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the 7-day MA value of the metric has been quite high in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the graph, the 7-day MA Bitcoin miner to exchange flow has seen a huge spike during the past day. The quant has also highlighted the previous instances of high values of the indicator that occurred in the past two weeks.<\/p>\n
Related Reading: Bitcoin Sentiment Returns To Neutral, Will Traders Embrace Greed Next?<\/a><\/div>\n
It would appear that the BTC price has generally registered a drawdown whenever the miners make large deposits to these platforms. With the latest spike in the metric, too, the cryptocurrency has taken a plunge, as its price has now returned back to the $26,000 level, completely erasing the recovery that the Grayscale rally<\/a> had brought.<\/p>\n
It’s never a certainty that the deposits that these holders are making are indeed for selling, but given the timing of the price drawdown, it would appear likely that the miners were looking to sell after all.<\/p>\n
In the chart, the analyst has also attached the data for a few more metrics. First, there are the “miner inflow” and “miner outflow” indicators, which, as their name suggests, measure the amount of Bitcoin that the miners are transferring into and out of their wallets, respectively.<\/p>\n
Related Reading: Ethereum Traders Capitulate As Rally Slows Down: Why This Is Good<\/a><\/div>\n
From the graph, it’s visible that the BTC miner outflow spiked during the crash, which makes sense as the miners had made some transfers from their wallets toward exchanges.<\/p>\n
The miner inflow, however, had also registered high values at the same time, meaning that fresh coins had entered back into the wallets of these chain validators.<\/p>\n
This would suggest that some of the miners may have used the opportunity of the crash to expand their holdings. The “miner reserve<\/a>,” the other metric of interest here, measures the total amount of Bitcoin that this cohort is carrying in its wallets right now and this indicator’s data would confirm that the holdings of the miners have actually gone up during the price drop.<\/p>\n
So, while some Bitcoin miners may have contributed to the selling pressure, others have more than made up for it by accumulating more of the cryptocurrency.<\/p>\n
BTC Price<\/h2>\n
As mentioned before, Bitcoin has now seen a complete retrace of the returns from the latest rally, bringing the asset back to the $26,000 level it had previously been consolidating at.\"Bitcoin<\/p>\n
BTC has gone down during the past 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":"
Bitcoin has plunged towards the $26,000 level as on-chain data shows the Bitcoin mines have been participating in a selloff. Bitcoin Miner To Exchange Flow Has Spiked During The Past Day As pointed out by an analyst in a CryptoQuant post, the miners have been showing signs of selling recently. The relevant indicator here is the “miner to exchange flow,” which keeps track of the total amount of Bitcoin that miners are depositing to exchanges. Generally, these chain validators only make such transactions when they intend to sell, so the indicator’s value observing a spike can be a sign of a selloff. The below chart shows the trend in the 7-day moving average (MA) BTC miner to exchange flow over the past couple of weeks: Looks like the 7-day MA value of the metric has been quite high in recent days | Source: CryptoQuant As displayed in the graph, the 7-day MA Bitcoin miner to exchange flow has seen a huge spike during the past day. The quant has also highlighted the previous instances of high values of the indicator that occurred in the past two weeks. Related Reading: Bitcoin Sentiment Returns To Neutral, Will Traders Embrace Greed Next? It would appear that the BTC price has generally registered a drawdown whenever the miners make large deposits to these platforms. With the latest spike in the metric, too, the cryptocurrency has taken a plunge, as its price has now returned back to the $26,000 level, completely erasing the recovery that the Grayscale rally had brought. It’s never a certainty that the deposits that these holders are making are indeed for selling, but given the timing of the price drawdown, it would appear likely that the miners were looking to sell after all. In the chart, the analyst has also attached the data for a few more metrics. First, there are the “miner inflow” and “miner outflow” indicators, which, as their name suggests, measure the amount of Bitcoin that the miners are transferring into and out of their wallets, respectively. Related Reading: Ethereum Traders Capitulate As Rally Slows Down: Why This Is Good From the graph, it’s visible that the BTC miner outflow spiked during the crash, which makes sense as the miners had made some transfers from their wallets toward exchanges. The miner inflow, however, had also registered high values at the same time, meaning that fresh coins had entered back into the wallets of these chain validators. This would suggest that some of the miners may have used the opportunity of the crash to expand their holdings. The “miner reserve,” the other metric of interest here, measures the total amount of Bitcoin that this cohort is carrying in its wallets right now and this indicator’s data would confirm that the holdings of the miners have actually gone up during the price drop. So, while some Bitcoin miners may have contributed to the selling pressure, others have more than made up for it by accumulating more of the cryptocurrency. BTC Price As mentioned before, Bitcoin has now seen a complete retrace of the returns from the latest rally, bringing the asset back to the $26,000 level it had previously been consolidating at. BTC has gone down during the past 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":549756,"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":[428,639,640,87457,1119,1144],"class_list":["post-549727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-mining","tag-bitcoin-plunge","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Plunges To $26,000 As Miners Sell Big<\/title>\n<meta name=\"description\" content=\"Bitcoin has plunged towards the $26,000 level as on-chain data shows the Bitcoin mines have been participating in a selloff.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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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 Plunges To $26,000 As Miners Sell Big","url":"http:\/\/wncen.com\/news\/bitcoin-plunges-to-26000-as-miners-sell-big\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-plunges-to-26000-as-miners-sell-big\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/becca-_r6w0R6SueQ-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/becca-_r6w0R6SueQ-unsplash.jpg?fit=3832%2C2848"},"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","bitcoin mining","bitcoin plunge","btc","btcusd"],"dateCreated":"2023-09-01T15:00:48Z","datePublished":"2023-09-01T15:00:48Z","dateModified":"2024-06-11T07:07:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Plunges To $26,000 As Miners Sell Big\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-plunges-to-26000-as-miners-sell-big\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-plunges-to-26000-as-miners-sell-big\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/becca-_r6w0R6SueQ-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/becca-_r6w0R6SueQ-unsplash.jpg?fit=3832%2C2848\"},\"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\",\"bitcoin mining\",\"bitcoin plunge\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-09-01T15:00:48Z\",\"datePublished\":\"2023-09-01T15:00:48Z\",\"dateModified\":\"2024-06-11T07:07:15Z\"}<\/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\/09\/becca-_r6w0R6SueQ-unsplash.jpg?fit=3832%2C2848","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549727"}],"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=549727"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549756"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}