Bitcoin Miners Have Been Withdrawing From Their Wallets In Recent Days
As pointed out by an analyst in a CryptoQuant , BTC miner reserves have been observing negative change recently, something that could lead to a decline in the price of the crypto.The “miner reserves” is an indicator that measures the total amount of Bitcoin currently present in the wallets of all miners.
Now, here is a chart that shows the trend in the Bitcoin miner netflows, a metric that records the percentage changes in the total miner reserves, over the last few months:
Looks like the indicator has noticed negative changes in recent days | Source:Negative miner netflows suggest the reserves are going down, while positive values mean they are registering an increase. As you can see in the above graph, the value of this BTC indicator had been above zero earlier in the month, but recently it has been underwater.
BTC Price
At the time of writing, Bitcoin’s price floats around $21.4k, down 8% in the last seven days. Over the past month, the crypto has lost 4% in value.
The below chart shows the trend in the price of the coin over the last five days.The value of the crypto has been mostly moving sideways in the last few days since the plunge | Source:
Featured image from Joshua J. Cotten on Unsplash.com, charts from TradingView.com, CryptoQuant.com