Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week
2022年11月17日 - 08:00AM
NEWSBTC
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. 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. 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’s 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
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