On-chain Data Suggests Bitcoin Miners Were Behind The Selloff
2022年4月12日 - 4:00AM
NEWSBTC
On-chain shows Bitcoin miner outflows have been elevated recently,
suggesting miners were involved in the recent selloff that took the
price of the crypto below $42k. Bitcoin Miner Outflows Spiked Up
Before The Crash Below $42k As pointed out by an analyst in a
CryptoQuant post, BTC miners seem to have been one of the sellers
behind the price drop to $42k. The relevant indicator here is the
“miner outflow,” which measures the total amount of Bitcoin exiting
wallets of all miners. When the value of this metric spikes up, it
means miners are moving a large number of coins out of their
wallets right now. Such a trend can be bearish for the price of the
crypto as it may be a sign of dumping from these original whales.
Related Reading | Ark CEO Cathie Wood Is As Bullish As Ever,
Sees Bitcoin Hitting $1 Million By 2030 On the other hand, low
values of these outflows suggest a normal or healthy amount of
selling from miners. This trend, when sustained, can prove to be
bullish for the BTC price. Now, here is a chart that shows the
trend in the Bitcoin miner outflows over the past several months:
Looks like the value of the indicator has shot up recently |
Source: CryptoQuant As you can see in the above graph, the Bitcoin
miner outflows seem to have shown spikes in recent weeks, just
before the selloff. This would suggest that miners look to have
played a role in the dump recently, sending the price of the coin
diving below the $42k level. A trend like this has been observed a
few times in the past several months already, as the quant has
marked in the chart. Related Reading | Mexico’s Third Richest
Man Says No To Bonds, Yes To Bitcoin Currently, it’s unclear
whether Bitcoin miners have already calmed down or if more selling
is coming in the next few days. BTC Price After around twenty days
of holding strongly above the level, Bitcoin’s price is now once
again revisiting the $41k mark. At the time of writing, the coin’s
price floats around $41.1k, down 11% in the last seven days. Over
the past month, the crypto has gained 4% in value. The below chart
shows the trend in the price of BTC over the last five days. The
value of BTC seems to have taken a plunge over the past twenty-four
hours | Source: BTCUSD on TradingView Due to this sharp downtrend
in the price of the coin as well as the wider market, crypto
futures has collected a huge amount of liquidations today. In the
last 24 hours, liquidations have amounted to more than $322
million, $175 million of which occurred in the past 4 hours alone.
Featured image from Unsplash.com, charts from TradingView.com,
CryptoQuant.com
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