Bitcoin Miners Have Been Transferring To Derivatives Exchanges Recently
As pointed out by an analyst in a CryptoQuant , around 4.3k BTC has exited miner reserves during the last two weeks.The “miner reserve” is an indicator that measures the total amount of Bitcoin currently stored in the wallets of all miners.
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On the other hand, a lowering value of the indicator implies miners are withdrawing their coins right now. Depending on where they are transferring, it could be neutral or bearish for the BTC price.Looks like the value of the metric has been going down recently | Source:As you can see in the above graph, the Bitcoin miner reserve has decreased in value during the past couple of weeks.
The middle graph has the curves for the miner flow to derivatives exchanges and their flow to spot exchanges. It looks like most of the transfers during the period went not to spot, but derivatives.
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This could suggest that miners withdrew these coins for hedging their positions against any potential plunges in the price of Bitcoin, and not for selling them. If that is indeed the miners’ intention, then the latest decrease in their reserves may not be bearish for the coin’s value.BTC Price
At the time of writing, Bitcoin’s price floats around $21.7k, up 13% in the last seven days. Over the past month, the crypto has lost 28% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.The value of the crypto seems to have observed some upwards movement over the last couple of days | Source:
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com