{"id":508815,"date":"2022-11-16T23:00:06","date_gmt":"2022-11-16T23:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=508815"},"modified":"2024-06-11T14:28:17","modified_gmt":"2024-06-11T14:28:17","slug":"bearish-signal-bitcoin-miners-dump-7700-btc-in-one-week","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bearish-signal-bitcoin-miners-dump-7700-btc-in-one-week\/","title":{"rendered":"Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week"},"content":{"rendered":"<p class=\"p2\">Bitcoin miners are usually some of the longest holders of BTC but that is usually when the bull market is in full swing and they do not have to worry about cash flow. Currently, the cash flow on bitcoin miners has plummeted and as the price of the digital asset continues to trend low, bitcoin miners have been put in a tight spot. In response, the miners have taken to dumping their coins in order to keep their operations going.<\/p>\n<h2 class=\"p2\">Selling Off 7,700 BTC<\/h2>\n<p class=\"p2\">Since the crypto winter first began following the Terra Network collapse in May, Bitcoin miners have increasingly turned to sell off their BTC holdings in order to survive. Over the last couple of months, the amount of BTC miners having to sell has been increasing.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-recovers-above-17000-why-this-could-be-a-bull-trap\/\">Bitcoin Recovers Above $17,000, Why This Could Be A Bull Trap<\/a><\/div>\n<p class=\"p2\">With the most recent crypto market decline, miners have reportedly offloaded more than 7,700 BTC in a 7-day period, according to a Glassnode report. This translates to the highest dump by miners in a 4-year period, leading to a sharp decline in their balances. In total, there was 7,761 BTC sold by these miners. Miner BTC balances were down by 10% in this 7-day period, and this brings their balances to close to a one-year low.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-508825 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Screen-Shot-2022-11-16-at-12.04.26.png?resize=460%2C265\" alt=\"Bitcoin miners\" width=\"460\" height=\"265\"><\/p>\n<pre style=\"text-align: center\">Miners sell off BTC | Source: <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-46-2022\/\" rel=\"nofollow\">Glassnode<\/a><\/pre>\n<p class=\"p2\">The chart shows that the sharp decline is correlated with the decline in bitcoin prices. So miners are continuing to follow historical trends, where they hold when the price is on the mend and sell off their coins during periods of low prices.<\/p>\n<h2 class=\"p2\">Why Bitcoin Miners Are Selling<\/h2>\n<p class=\"p2\">The decline in bitcoin price is the primary reason behind the sell-offs being carried out by these miners. Not only do low BTC prices affect the profit margins of their mining machines, but it also affects investor sentiment during this time.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/XA1BBCcH\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">BTC at $16,600 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Since investors are still very wary of investing in crypto, the shares of bitcoin mining companies have plummeted significantly. This means mining companies are having to turn to their BTC reserves in order to have enough cash flow for their businesses.<\/p>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/tron\/trx-surges-over-600-following-justin-suns-deal-with-ftx\/\">TRX Surges Over 600% Following Justin Sun\u2019s Deal With FTX<\/a><\/p>\n<p class=\"p2\">Miners are also likely to continue selling BTC given that the market has not given any indication of hitting a bottom yet. If prices go lower, more miners will have to sell to realize some cash flow. In the meantime, these miners are putting more supply into a market that does not have enough demand to soak it up. Given this, the price of bitcoin is likely to continue its decline as the FTX debacle unfolds slowly over the next couple of months.<\/p>\n<pre style=\"text-align: center\">Featured image from CNBC, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin miners are usually some of the longest holders of BTC but that is usually when the bull market is in full swing and they do not have to worry about cash flow. Currently, the cash flow on bitcoin miners has plummeted and as the price of the digital asset continues to trend low, bitcoin miners have been put in a tight spot. In response, the miners have taken to dumping their coins in order to keep their operations going. Selling Off 7,700 BTC Since the crypto winter first began following the Terra Network collapse in May, Bitcoin miners have increasingly turned to sell off their BTC holdings in order to survive. Over the last couple of months, the amount of BTC miners having to sell has been increasing. Related Reading: Bitcoin Recovers Above $17,000, Why This Could Be A Bull Trap With the most recent crypto market decline, miners have reportedly offloaded more than 7,700 BTC in a 7-day period, according to a Glassnode report. This translates to the highest dump by miners in a 4-year period, leading to a sharp decline in their balances. In total, there was 7,761 BTC sold by these miners. Miner BTC balances were down by 10% in this 7-day period, and this brings their balances to close to a one-year low.\u00a0 Miners sell off BTC | Source: Glassnode The chart shows that the sharp decline is correlated with the decline in bitcoin prices. So miners are continuing to follow historical trends, where they hold when the price is on the mend and sell off their coins during periods of low prices. Why Bitcoin Miners Are Selling The decline in bitcoin price is the primary reason behind the sell-offs being carried out by these miners. Not only do low BTC prices affect the profit margins of their mining machines, but it also affects investor sentiment during this time.\u00a0 BTC at $16,600 | Source: BTCUSD on TradingView.com Since investors are still very wary of investing in crypto, the shares of bitcoin mining companies have plummeted significantly. This means mining companies are having to turn to their BTC reserves in order to have enough cash flow for their businesses. Related Reading: TRX Surges Over 600% Following Justin Sun\u2019s Deal With FTX Miners are also likely to continue selling BTC given that the market has not given any indication of hitting a bottom yet. If prices go lower, more miners will have to sell to realize some cash flow. In the meantime, these miners are putting more supply into a market that does not have enough demand to soak it up. Given this, the price of bitcoin is likely to continue its decline as the FTX debacle unfolds slowly over the next couple of months. Featured image from CNBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":508827,"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":[428,639,1119,87389,1144,78790],"class_list":["post-508815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-btc","tag-btc-miners","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week<\/title>\n<meta name=\"description\" content=\"Bitcoin miners are usually some of the longest holders of BTC but that is usually when the bull market is in full swing and they do not have to worry\" \/>\n<meta name=\"robots\" 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week","url":"http:\/\/wncen.com\/news\/bearish-signal-bitcoin-miners-dump-7700-btc-in-one-week\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bearish-signal-bitcoin-miners-dump-7700-btc-in-one-week\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-bearish.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/Bitcoin-bearish.jpeg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"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","btc","btc miners","btcusd","btcusdt"],"dateCreated":"2022-11-16T23:00:06Z","datePublished":"2022-11-16T23:00:06Z","dateModified":"2024-06-11T14:28:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bearish-signal-bitcoin-miners-dump-7700-btc-in-one-week\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bearish-signal-bitcoin-miners-dump-7700-btc-in-one-week\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin-bearish.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Bitcoin-bearish.jpeg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"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\",\"btc\",\"btc miners\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-11-16T23:00:06Z\",\"datePublished\":\"2022-11-16T23:00:06Z\",\"dateModified\":\"2024-06-11T14:28:17Z\"}<\/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\/2022\/11\/Bitcoin-bearish.jpeg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508815"}],"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\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=508815"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/508815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/508827"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=508815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=508815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=508815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}