{"id":572474,"date":"2024-01-31T14:00:14","date_gmt":"2024-01-31T14:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=572474"},"modified":"2024-06-11T08:09:36","modified_gmt":"2024-06-11T08:09:36","slug":"bitcoin-miner-selloff-negligible-impact-quant","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-miner-selloff-negligible-impact-quant\/","title":{"rendered":"Bitcoin Miner Selloff Poses &#8220;Negligible Impact&#8221;, Quant Argues"},"content":{"rendered":"<p>On-chain data shows the Bitcoin miners have been selling recently, but this quant has argued that this selloff shouldn&#8217;t have much impact on the market.<\/p>\n<h2>Bitcoin Miner Reserve Has Registered A Decline Recently<\/h2>\n<p>In a CryptoQuant Quicktake <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65b96d2364b3d44774fbe6e0-The-sell-off-of-Bitcoin-reserves-by-miners-as-discussed-on-X-and-various-portals\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a>, an analyst discussed the latest selling pressure that the miners have been putting on the market. The indicator of interest here is the &#8220;<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-miner-reserve-plunges-bearish-price\/\" target=\"_blank\" rel=\"noopener \">miner reserve<\/a>,&#8221; which keeps track of the total amount of Bitcoin that the miners combined hold in their wallets right now.<\/p>\n<p>This metric can naturally provide information about the collective behavior of these chain validators. Generally, the miners withdraw their coins from their reserve when they want to sell, so a decline in the indicator can potentially have bearish consequences for the asset.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/crypto-classes-future-market-drivers-santiment\/\" target=\"_blank\" rel=\"noopener \">These Crypto Asset Classes Could Be Future Market Drivers: Santiment<\/a><\/div>\n<p>A rise in the metric, on the other hand, may be bullish for the cryptocurrency&#8217;s price as it suggests the miners as a whole are in accumulation mode at the moment.<\/p>\n<p>Now, here is a chart that shows the trend in the Bitcoin miner reserve over the past year:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35320\/quicktake\/4M6e3_b3775956681bce7e5d58801798a1147fd5a05facff433e14b67583fd213c59df.png?resize=1280%2C968&#038;ssl=1\" alt=\"Bitcoin Miner Reserve\" width=\"1280\" height=\"968\"><\/p>\n<pre style=\"text-align: center\">The value of the metric seems to have been heading down in recent days | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65b96d2364b3d44774fbe6e0-The-sell-off-of-Bitcoin-reserves-by-miners-as-discussed-on-X-and-various-portals\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/pre>\n<p>As displayed in the above graph, the Bitcoin miner reserve has been on its way down since October, implying that this cohort has withdrawn a net amount of BTC from their wallets during this period.<\/p>\n<p>This <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-erases-recovery-miners-cash-3000-btc\/\" target=\"_blank\" rel=\"noopener \">latest selloff<\/a> from the miners has recently been a topic in the community, with many speculating about the possible bearish impact arising from it. The quant has a different opinion on the matter, however.<\/p>\n<p>&#8220;The sell-off of Bitcoin reserves by miners, as discussed on X and various portals, is unfounded,&#8221; explains the analyst. To back this claim, the quant has pointed out the exact numbers involved here.<\/p>\n<p>Before this selling started, the miner reserve had a value of around 1,84,997 BTC. Following the decline that the indicator has witnessed since then, the miners now hold about 1,833,222 BTC.<\/p>\n<p>This represents a decrease of 12,755 BTC, which, although substantial on its own, doesn&#8217;t seem too large in the grand scheme of things, especially considering the size of the miner reserve itself. &#8220;The minimal amount of bitcoin sold has negligible impact on the market,&#8221; notes the analyst.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/35320\/quicktake\/1aSUo5CP_974684484b4dc58e64c0ea727e091a21bf4d1373938b0cd71ab1de327b03c05e.png?resize=1280%2C593&#038;ssl=1\" alt=\"Bitcoin Miner Inflows &amp; Outflows\" width=\"1280\" height=\"593\"><\/p>\n<pre style=\"text-align: center\">The trend in the miner inflows and outflows over the past couple of months | Source: <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/65b96d2364b3d44774fbe6e0-The-sell-off-of-Bitcoin-reserves-by-miners-as-discussed-on-X-and-various-portals\" target=\"_blank\" rel=\"noopener nofollow\">CryptoQuant<\/a><\/pre>\n<p>The above chart shows the data for the Bitcoin <a href=\"https:\/\/wncen.com\/xrp-news\/xrp-whales-exchange-inflow-bad-sign-price\/\" target=\"_blank\" rel=\"noopener \">inflows<\/a> and outflows being made by the miners. There have indeed been outflows taking place recently, which is why there has been talk of a selloff.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-rally-legs-left-santiment-explains-why\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why<\/a><\/div>\n<p>At the same time, the inflow transaction volume has also been at significant levels, making up for these outflows. This is the reason for the relatively small net decrease in the total miner reserve.<\/p>\n<h2>BTC Price<\/h2>\n<p>Bitcoin had recovered beyond the $43,000 mark earlier, but the asset has seen a setback during the past day as it has slipped back towards $42,500.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/PfoKi4Rh\/\" alt=\"Bitcoin Price Chart\" width=\"1534\" height=\"862\"><\/p>\n<pre style=\"text-align: center\">Looks like the price of the coin has retraced some of its recent recovery | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data shows the Bitcoin miners have been selling recently, but this quant has argued that this selloff shouldn&#8217;t have much impact on the market. Bitcoin Miner Reserve Has Registered A Decline Recently In a CryptoQuant Quicktake post, an analyst discussed the latest selling pressure that the miners have been putting on the market. The indicator of interest here is the &#8220;miner reserve,&#8221; which keeps track of the total amount of Bitcoin that the miners combined hold in their wallets right now. This metric can naturally provide information about the collective behavior of these chain validators. Generally, the miners withdraw their coins from their reserve when they want to sell, so a decline in the indicator can potentially have bearish consequences for the asset. Related Reading: These Crypto Asset Classes Could Be Future Market Drivers: Santiment A rise in the metric, on the other hand, may be bullish for the cryptocurrency&#8217;s price as it suggests the miners as a whole are in accumulation mode at the moment. 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 been heading down in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin miner reserve has been on its way down since October, implying that this cohort has withdrawn a net amount of BTC from their wallets during this period. This latest selloff from the miners has recently been a topic in the community, with many speculating about the possible bearish impact arising from it. The quant has a different opinion on the matter, however. &#8220;The sell-off of Bitcoin reserves by miners, as discussed on X and various portals, is unfounded,&#8221; explains the analyst. To back this claim, the quant has pointed out the exact numbers involved here. Before this selling started, the miner reserve had a value of around 1,84,997 BTC. Following the decline that the indicator has witnessed since then, the miners now hold about 1,833,222 BTC. This represents a decrease of 12,755 BTC, which, although substantial on its own, doesn&#8217;t seem too large in the grand scheme of things, especially considering the size of the miner reserve itself. &#8220;The minimal amount of bitcoin sold has negligible impact on the market,&#8221; notes the analyst. The trend in the miner inflows and outflows over the past couple of months | Source: CryptoQuant The above chart shows the data for the Bitcoin inflows and outflows being made by the miners. There have indeed been outflows taking place recently, which is why there has been talk of a selloff. Related Reading: Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why At the same time, the inflow transaction volume has also been at significant levels, making up for these outflows. This is the reason for the relatively small net decrease in the total miner reserve. BTC Price Bitcoin had recovered beyond the $43,000 mark earlier, but the asset has seen a setback during the past day as it has slipped back towards $42,500. Looks like the price of the coin has retraced some of its recent recovery | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":572500,"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":[428,86334,91008,639,640,16136,1119,1144],"class_list":["post-572474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miner-reserve","tag-bitcoin-miner-selloff","tag-bitcoin-miners","tag-bitcoin-mining","tag-bitcoin-selloff","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Miner Selloff Poses &quot;Negligible Impact&quot;, Quant Argues<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin miners have been selling, 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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. 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