Bitcoin Bearish Signal: Miners Continue Transfers To Exchanges
September 15 2022 - 3:00PM
NEWSBTC
On-chain data shows miners have sent a large amount of Bitcoin to
spot exchanges recently, something that can be bearish for the
value of the crypto. Bitcoin Miners To Spot Exchanges Flow Has
Surged Up Over The Past Day As pointed out by an analyst in a
CryptoQuant post, the latest spike in the miner exchange deposits
is larger than any other recent peaks. The relevant indicator here
is the “miners to spot exchanges flow mean,” which measures the
total amount of Bitcoin being transferred by miners to spot
exchanges. When the value of this metric shoots up, it means miners
have just sent a large number of coins to exchanges. Since these
chain validators usually deposit to spot markets for selling
purposes, this kind of trend can prove to be bearish for the price
of BTC. Related Reading: Bitcoin Spot Trading Volume Soars To New
2022 Highs On the other hand, the value of the indicator being low
suggests there aren’t many transactions happening from miner
wallets to centralized exchange wallets. Such a trend can be either
neutral or bullish for the value of the coin as it implies there
isn’t much selling pressure coming from this cohort right now. Now,
here is a chart that shows the trend in the Bitcoin miners to spot
exchanges flow mean over the last couple of weeks: The hourly value
of the metric seems to have been quite high in recent days |
Source: CryptoQuant As you can see in the above graph, the Bitcoin
miners to spot exchanges flow mean has observed a huge spike during
the past day. The last two weeks saw several exchange inflows
coming from miners, after each of which the price generally
suffered a short-term decline. Related Reading: WATCH: Bitcoin Bear
Market Corrective Patterns Examined | BTCUSD September 14, 2022
This latest increase in the miner spot deposits is significantly
larger than any other seen in this period, and has come while the
price has already plunged down. This is unlike the previous ones,
which came as the price was around a peak. If the same trend as the
previous miner exchange inflows follows this time as well, then
these fresh deposits are also likely to have a bearish impact on
Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats
around $20.1k, up 4% in the last seven days. Over the past month,
the crypto has lost 17% in value. Below is a chart that shows the
trend in the price of the coin over the last five days. Looks like
the value of the crypto plummeted down a few days back and has
since moved sideways | Source: BTCUSD on TradingView Featured image
from Brent Jones on Unsplash.com, charts from TradingView.com,
CryptoQuant.com
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