{"id":516685,"date":"2023-01-19T08:02:06","date_gmt":"2023-01-19T13:02:06","guid":{"rendered":"https:\/\/wncen.com\/?p=516685"},"modified":"2024-06-11T10:45:01","modified_gmt":"2024-06-11T10:45:01","slug":"bitcoin-drops-20700-miner-outflows-surge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-drops-20700-miner-outflows-surge\/","title":{"rendered":"Bitcoin Drops To $20,700 As Miner Outflows Surge"},"content":{"rendered":"

On-chain data shows the Bitcoin miner outflows have surged, suggesting that selling from this cohort may be behind the crypto’s decline to $20,700.<\/p>\n

Bitcoin Miner Outflows Have Registered Multiple Spikes Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, on Wednesday, miners deposited 669 BTC to exchanges. A relevant indicator here is the “miner reserve<\/a>,” which measures the total amount of Bitcoin that miners as a whole are currently holding in their wallets.<\/p>\n

The “miner outflow<\/a>” is a metric that tells us the total number of coins that these blockchain validators are transferring out of the miner reserve right now. Naturally, the reserve’s value goes down whenever the outflow records a spike, given that an equal or higher amount of the crypto doesn’t flow inside at the same time.<\/p>\n

Generally, miners take BTC out of their reserve for selling purposes. Thus, whenever the outflow registers high values (or alternatively, the reserve observes a steep decline), it means this cohort might be participating in large amounts of selling at the moment.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin miner outflow and miner reserve over the past couple of months:<\/p>\n

\"quicktake-image\"<\/p>\n

The value of the reserve seems to have observed significant decline in recent days | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin miner outflow saw two very large spikes in the last few days. The spike on January 14 measured around 4,089 BTC, while the one on January 17 amounted to 2,500 BTC.<\/p>\n
Related Reading:  Asian Traders Behind Most Of Bitcoin\u2019s Recent Gains, Report Reveals<\/a><\/div>\n
At the same time as these outflows, their reserves also plunged, which means that there wasn’t much incoming volume to compensate for these outflows. On Wednesday, there was also a third spike, but it was significantly smaller in scale than the other two.<\/p>\n
However, there was still something about this outflow that’s worth paying attention to. About 669 BTC from this outflow was headed toward centralized exchanges. This can be seen in the data for the “miner to exchange flow<\/a>” metric, which is also shown in the chart.<\/p>\n
Usually, exchanges are what investors use for quickly swapping their Bitcoin in favor of altcoins or stablecoins, or for simply withdrawing to fiat. While miner outflows alone can be a sign that there is some selling going on (as these holders may just use over-the-counter (OTC) deals instead of exchanges), deposits straight to exchanges do provide more evidence that selling could be the intent behind the outflows.<\/p>\n
While a part of the third outflow was headed toward the exchanges, the first two, larger spikes didn’t seem to have coincided with any significant deposits toward these platforms.<\/p>\n
Related Reading:  Altcoin Indexes Outperform Bitcoin, Small Caps Lead Market<\/a><\/div>\n
Nonetheless, the fact remains that following the first two outflows, the Bitcoin rally slowed down to a crawl, and after the third one (that went towards exchanges), BTC outright declined and hit $20,700. This could suggest that selling from miners may have played some part in these developments in the asset’s price.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has plunged in the past day | 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 outflows have surged, suggesting that selling from this cohort may be behind the crypto’s decline to $20,700. Bitcoin Miner Outflows Have Registered Multiple Spikes Recently As pointed out by an analyst in a CryptoQuant post, on Wednesday, miners deposited 669 BTC to exchanges. A relevant indicator here is the “miner reserve,” which measures the total amount of Bitcoin that miners as a whole are currently holding in their wallets. The “miner outflow” is a metric that tells us the total number of coins that these blockchain validators are transferring out of the miner reserve right now. Naturally, the reserve’s value goes down whenever the outflow records a spike, given that an equal or higher amount of the crypto doesn’t flow inside at the same time. Generally, miners take BTC out of their reserve for selling purposes. Thus, whenever the outflow registers high values (or alternatively, the reserve observes a steep decline), it means this cohort might be participating in large amounts of selling at the moment. Now, here is a chart that shows the trend in the Bitcoin miner outflow and miner reserve over the past couple of months: The value of the reserve seems to have observed significant decline in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin miner outflow saw two very large spikes in the last few days. The spike on January 14 measured around 4,089 BTC, while the one on January 17 amounted to 2,500 BTC. Related Reading: Asian Traders Behind Most Of Bitcoin\u2019s Recent Gains, Report Reveals At the same time as these outflows, their reserves also plunged, which means that there wasn’t much incoming volume to compensate for these outflows. On Wednesday, there was also a third spike, but it was significantly smaller in scale than the other two. However, there was still something about this outflow that’s worth paying attention to. About 669 BTC from this outflow was headed toward centralized exchanges. This can be seen in the data for the “miner to exchange flow” metric, which is also shown in the chart. Usually, exchanges are what investors use for quickly swapping their Bitcoin in favor of altcoins or stablecoins, or for simply withdrawing to fiat. While miner outflows alone can be a sign that there is some selling going on (as these holders may just use over-the-counter (OTC) deals instead of exchanges), deposits straight to exchanges do provide more evidence that selling could be the intent behind the outflows. While a part of the third outflow was headed toward the exchanges, the first two, larger spikes didn’t seem to have coincided with any significant deposits toward these platforms. Related Reading: Altcoin Indexes Outperform Bitcoin, Small Caps Lead Market Nonetheless, the fact remains that following the first two outflows, the Bitcoin rally slowed down to a crawl, and after the third one (that went towards exchanges), BTC outright declined and hit $20,700. This could suggest that selling from miners may have played some part in these developments in the asset’s price. BTC Price At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week. Looks like BTC has plunged in the past day | 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":516703,"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":[428,461,87445,87446,639,1119,1144],"class_list":["post-516685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-miner-outflows","tag-bitcoin-miner-selling","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Drops To $20,700 As Miner Outflows Surge<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin miner outflows have surged, suggesting that selling from this cohort may be behind the 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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 Drops To $20,700 As Miner Outflows Surge","url":"http:\/\/wncen.com\/news\/bitcoin-drops-20700-miner-outflows-surge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-drops-20700-miner-outflows-surge\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-2-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","bitcoin miner outflows","bitcoin miner selling","bitcoin miners","btc","btcusd"],"dateCreated":"2023-01-19T13:02:06Z","datePublished":"2023-01-19T13:02:06Z","dateModified":"2024-06-11T10:45:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Drops To $20,700 As Miner Outflows Surge\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drops-20700-miner-outflows-surge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-drops-20700-miner-outflows-surge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-2-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\",\"bitcoin miner outflows\",\"bitcoin miner selling\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-19T13:02:06Z\",\"datePublished\":\"2023-01-19T13:02:06Z\",\"dateModified\":\"2024-06-11T10:45:01Z\"}<\/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\/01\/jievani-weerasinghe-NHRM1u4GD_A-unsplash-2-scaled.jpg?fit=2560%2C1570","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516685"}],"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=516685"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/516703"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=516685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=516685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=516685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}