Bitcoin Investors Watch Out: Miners Showing Unusual Exchange Inflow Activity
2024年10月22日 - 1:30AM
NEWSBTC
On-chain data shows the Bitcoin miners have been making an
unusually high number of transactions to centralized exchanges
recently. Bitcoin Miner To Exchange Transactions Metric Has Just
Seen A Spike As pointed out by CryptoQuant author IT Tech in a new
post on X, the Miner to Exchange Transactions indicator has been
high recently. The “Miner to Exchange Transactions” keeps track of
the total number of transfers that the miner-associated Bitcoin
wallets are making to addresses connected with exchanges. When the
value of this metric is high, it means the miners are making a
large amount of moves to these platforms. As one of the main
reasons why these chain validators would deposit to exchanges is
for selling-related purposes, this kind of trend can have a bearish
effect on the BTC price. Related Reading: Dogecoin Breaks Away With
9% Surge: Why This Could Trouble Bitcoin On the other hand, the
indicator being low implies miners aren’t making inflows to
exchanges, potentially because they plan to hold onto their coins
for a while. Naturally, this HODLing from this cohort can be a
positive sign for the asset. Now, here is a chart that shows the
trend in the Bitcoin Miner to Exchange Transactions over the last
few days: As displayed in the above graph, the Bitcoin Miner to
Exchange Transactions has registered a large spike during the past
day, suggesting that the miners have just made a large number of
moves to these platforms. It’s possible that this is an indication
of a selloff from these chain validators, but whether this
potential selling would actually affect the cryptocurrency depends
on the exact scale of coins that’s involved in the transactions.
The analyst has also shared the data of an indicator that provides
information related to it, called the Miner to Exchange Flow: From
the chart, it’s visible that this metric’s value has also shot up
alongside the spike in the Miner to Exchange Transactions. At its
height, the metric touched 225 BTC, which is equivalent to a little
under $15.4 million at the current price. This isn’t a small sum in
itself, but when considering the scale of the total Bitcoin market
cap, these exchange inflows hardly weigh to much. Thus, even if the
miners plan to sell these coins, the market should be able to
absorb the pressure just fine. Miners are entities that have
constant running costs in the form of electricity bills, so they
tend to be regular sellers. Most of the time, their selling remains
limited, which would make the recent value of the Miner to Exchange
Flow in line with the norm. Related Reading: Bitcoin Holders In
Profit Hits 95%: Is BTC Overheating? The number of individual
transfers to exchanges that the miners have made, however, is
certainly unusual, so these indicators could be to keep an eye on
in the coming days, in case more spikes pop up. BTC Price Bitcoin
had surpassed the $69,000 level on Sunday, but the asset appears to
have dropped back to $68,200 today. Featured image from Dall-E,
CryptoQuant.com, chart from TradingView
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