On-chain data shows that Bitcoin miners have moved around 4.4k BTC to Binance.
Flows from Bitcoin miners to exchanges surged over the past day
As a CryptoQuant analyst pointed out Positionthe recent transactions appear to be from the Poolin mining pool.
The relevant metric here is “miner-to-exchange flow” which measures the total amount of coins moving from all miner wallets to all exchanges.
A high value for this metric means that miners are currently sending large amounts of coins to centralized exchanges.
Since miners usually transfer BTC to exchanges for the purpose of sale, this kind of trend signs of dumping From these chain validators. Therefore, cryptocurrency prices may become bearish.
On the other hand, a low value for the indicator means that these chain validators are not sending that much BTC to the exchange at the moment.
Such a trend may indicate that miners are not putting as much selling pressure on the market right now, so it could have a neutral or bullish impact on the coin’s value, depending on other conditions. there is.
Here is a chart showing trends in Bitcoin miner exchange flows over the last few months.
The value of the metric seems to have been quite high recently | Source: CryptoQuant
As you can see in the graph above, the flow from Bitcoin miners to exchanges has observed a large spike over the past day.
In total, transactions worth approximately 4.4k BTC were made from miner wallets associated with mining pool Poolin and sent to the crypto exchange. binance.
There have also been three other instances in the last few months of miners sending coins from reserves to exchanges. Each of these also happened when cryptocurrency prices fell.
If the latest flow from miners to exchanges actually occurs with the intent to sell, this spike could be bearish for cryptocurrency values.
At the time of writing, Bitcoin price It is down 2% over the last 7 days and has a movement of about $20.3k. Over the past month, the cryptocurrency has lost 13% in value.
The chart below shows the coin’s price trend over the last 5 days.
Looks like the value of the crypto has been moving sideways during the past few days | Source: BTCUSD on TradingView
Featured image from Marc-Olivier Jodoin on Unsplash.com, charts from TradingView.com, CryptoQuant.com