Bitcoin on-chain data shows that miners have transferred huge amounts of coins to cryptocurrency exchanges.
On-chain data suggests miners transferred 11,816 BTC to exchanges
As can be seen from a CryptoQuant post, there was an enormous outflow of Bitcoin miners on July 20. The total runoff from that day is about 12,000.
Here is a graph illustrating the trend in BTC outflow of all miners over the past year:
BTC miner outflow seems to have spiked
The diagram has some interesting features. This sudden spike of nearly 12,000 BTC, observed on Wednesday, is the strongest since May, when the price of the cryptocurrency plunged about 50%.
Related reading | While Bitcoin falls below $ 30,000, stablecoins top the total supply of $ 100 billion
This increase comes after a period when miners’ outflows were relatively low compared to previous months.
Since the miner’s outflows only show how much bitcoin was transferred from miners to exchanges, it is not possible to say how much of it was actually sold.
However, if the value of the indicator rises, it shows that selling pressure among miners has increased and this could affect the price of the crypto.
Related reading | TA: Bitcoin bears are losing strength, which could trigger a decent rebound
Another metric to know if miners are selling or not is the Bitcoin flow average indicator for all miners on all exchanges. Here is the table for it:
BTC miner to exchanges flow mean seems to be on the rise
The graph above makes it clear that the value of this indicator has been rising for some time and it was also rising on July 20th.
The flow from all miners to all exchanges shows what the average transaction from miners to exchanges looks like. On July 20, that value was just over 80 BTC, less than the 98 BTC peak a few days ago.
Although there are two things to keep in mind regarding these miner metrics. The first is that many mining pools do not believe such data is authentic.
The second is that the global hash rate took a nosedive due to China’s raids on Bitcoin mining. Now miners have begun to relocate and resume their location in other countries. This would undoubtedly lead to a change in these metrics as well.
At the time of writing, the price of BTC is hovering around $ 32,5,000, down 0.5% over the past 7 days.
Below is a graph showing the development of the Bitcoin price over the past 6 months.
BTC seems to be going up after a dip below $30k | Source: BTCUSD on TradingView
After falling below $ 30,000, Bitcoin has started to climb back up quickly. It remains to be seen whether the coin can continue this trend and finally cross the $ 35,000 mark, or whether it will stay stuck in the same range as before.
Featured image from Pexels.com, charts from CryptoQuant, TradingView.com