On-chain data shows that bitcoin miners have continued to sell them as outflow from their wallets has increased again.
More than 2.5k BTC flows from the reserves of Bitcoin miners
As pointed out by an analyst in a cryptocurrency post, Pulin’s BTC miners appear to have made big sales over the past 24 hours.
“Minor Outflow Total” is an indicator that measures the total amount of Bitcoin from all miners’ wallets.
When the value of this metric increases, it means that at the moment the miners are taking some coins from their reserves.
Since miners usually pick up coins from their wallets to sell on the exchange, such a trend could be bad for the price of crypto.
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On the other hand, the low value of outflows indicates that miners are not showing much movement lately. This trend can be either neutral or bullish for the value of the currency.
Now, here is a chart showing the Bitcoin Minor outflow trend over the last few days:
The value of the indicator seems to have spiked up recently | Source: CryptoQuant
As you can see in the graph above, the outflow of bitcoin mining has noticed some high values in the last few days.
This could mean that in response to the currency price crash, miners have sold some of their reserves.
Related Reading | Bitcoin could touch K 100K by end of year, most fund managers predict based on survey
The last 24-hour spike was bigger than ever, indicating that miners are still not reducing their sales.
The outflow chart for mining pool pulin suggests that miners in this group may be behind the biggest spikes.
Looks like miners withdrew large amounts from the Poolin reserve over the past couple of days | Source: CryptoQuant
At the time of writing, the price of Bitcoin is about 20.6k, down 30% in the last seven days. Last month, crypto lost 31% of its value.
The chart below shows the trend of currency prices in the last five days.
The value of the crypto has looked to be just hanging above the $20k mark over the last few days | Source: BTCUSD on TradingView
Just a few days ago, Bitcoin saw a big crash where the price was as low as k 20k. Since then, the currency has remained above this level.
However, it seems that the crypto is moving just above this mark so it is not clear whether the layer will hold or it will start to break.
Featured image from Donna Ruiz on Unsplash.com, charts from TradingView.com, CryptoQuant.com