{"id":538751,"date":"2023-06-20T22:30:48","date_gmt":"2023-06-20T22:30:48","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=538751"},"modified":"2024-06-11T08:08:50","modified_gmt":"2024-06-11T08:08:50","slug":"bitcoin-miners-deposit-exchanges-more-decline-ahead","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-miners-deposit-exchanges-more-decline-ahead\/","title":{"rendered":"Bitcoin Miners Deposit To Exchanges, What Does This Mean?"},"content":{"rendered":"

On-chain data shows that Bitcoin miners have been depositing large amounts to exchanges. Here’s what this could mean for the asset’s price.<\/p>\n

Bitcoin Miners Have Been Depositing Big To Exchanges Recently<\/h2>\n

An analyst in a CryptoQuant post<\/a> pointed out that BTC miners have been transferring coins out of their wallets recently. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin miners withdraw from their combined supply.<\/p>\n

The counterpart metric, the “miner inflow<\/a>,” naturally keeps track of the reverse flow of coins. Here is a chart that shows the trend in both the Bitcoin miner outflow and the inflow over the past few days:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of one of the metrics has been elevated in recent days | Source: CryptoQuant<\/a><\/pre>\n
The above graph shows that the Bitcoin miner outflow has observed a spike during the past day, while the inflow has remained relatively low. This would imply that the miners have transferred a net amount of coins from their wallets in this period.<\/p>\n
Related Reading: Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push<\/a><\/div>\n
Generally, whenever miners withdraw coins from their wallets, there is always a risk that they are doing so to sell said coins. Such selling can naturally have a bearish effect on the cryptocurrency’s value.<\/p>\n
One way to better guess the intent behind these withdrawals is by checking whether the destination of the coins is a centralized exchange platform.<\/p>\n
The chart also shows the data for the Bitcoin miner to exchange flow. This indicator specifically keeps track of the coins flowing from these chain validators’ holdings to exchange wallets.<\/p>\n
This indicator has also seen a sharp spike at the same time as the miner outflow surge. The magnitude of both spikes is also pretty much the same; both are slightly above 1,000 BTC. Thus, almost all the outflows from the past day appear to have headed toward exchanges.<\/p>\n
Related Reading: Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels<\/a><\/div>\n
Knowing that there have been deposits to exchanges only tells us a part of the story, however, as the indicator used here doesn’t specify which type of platforms the inflows have been towards.<\/p>\n
A modified version of the indicator, which only tracks deposits to derivative exchanges<\/a>, reveals that the transfers have been almost entirely toward the derivative platforms.<\/p>\n
\"Bitcoin<\/p>\n
The value of the metric seems to have spiked recently | Source: CryptoQuant<\/a><\/pre>\n
When miners plan to sell their coins, they make deposits to spot exchanges. Since they have sent their Bitcoin to derivative platforms instead this time, it would seem likely that the intent behind their transfers may not have been selling after all.<\/p>\n
As for what effect this might have on the market; usually more derivative positions being opened usually results in higher price volatility. However, this volatility can go either bullish or bearish, depending on the wider sentiment.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,400, up 6% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has observed an uplift today | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Bitcoin miners have been depositing large amounts to exchanges. Here’s what this could mean for the asset’s price. Bitcoin Miners Have Been Depositing Big To Exchanges Recently An analyst in a CryptoQuant post pointed out that BTC miners have been transferring coins out of their wallets recently. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin miners withdraw from their combined supply. The counterpart metric, the “miner inflow,” naturally keeps track of the reverse flow of coins. Here is a chart that shows the trend in both the Bitcoin miner outflow and the inflow over the past few days: Looks like the value of one of the metrics has been elevated in recent days | Source: CryptoQuant The above graph shows that the Bitcoin miner outflow has observed a spike during the past day, while the inflow has remained relatively low. This would imply that the miners have transferred a net amount of coins from their wallets in this period. Related Reading: Bitcoin Whales Continue To Accumulate As BTC Makes Recovery Push Generally, whenever miners withdraw coins from their wallets, there is always a risk that they are doing so to sell said coins. Such selling can naturally have a bearish effect on the cryptocurrency’s value. One way to better guess the intent behind these withdrawals is by checking whether the destination of the coins is a centralized exchange platform. The chart also shows the data for the Bitcoin miner to exchange flow. This indicator specifically keeps track of the coins flowing from these chain validators’ holdings to exchange wallets. This indicator has also seen a sharp spike at the same time as the miner outflow surge. The magnitude of both spikes is also pretty much the same; both are slightly above 1,000 BTC. Thus, almost all the outflows from the past day appear to have headed toward exchanges. Related Reading: Bullish Signal: Bitcoin Realized Profit And Loss Fall To October 2020 Levels Knowing that there have been deposits to exchanges only tells us a part of the story, however, as the indicator used here doesn’t specify which type of platforms the inflows have been towards. A modified version of the indicator, which only tracks deposits to derivative exchanges, reveals that the transfers have been almost entirely toward the derivative platforms. The value of the metric seems to have spiked recently | Source: CryptoQuant When miners plan to sell their coins, they make deposits to spot exchanges. Since they have sent their Bitcoin to derivative platforms instead this time, it would seem likely that the intent behind their transfers may not have been selling after all. As for what effect this might have on the market; usually more derivative positions being opened usually results in higher price volatility. However, this volatility can go either bullish or bearish, depending on the wider sentiment. BTC Price At the time of writing, Bitcoin is trading around $27,400, up 6% in the last week. BTC has observed an uplift today | Source: BTCUSD on TradingView Featured image from Michael F\u00f6rtsch on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":538816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,87446,639,1119,1144],"class_list":["post-538751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-miner-selling","tag-bitcoin-miners","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Miners Deposit To Exchanges, What Does This Mean?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin miners have been depositing large amounts to exchanges. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Deposit To Exchanges, What Does This Mean?","url":"http:\/\/www.ktsl888.com\/news\/bitcoin-miners-deposit-exchanges-more-decline-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/bitcoin-miners-deposit-exchanges-more-decline-ahead\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/06\/michael-fortsch-kS5ygaqoPKM-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/06\/michael-fortsch-kS5ygaqoPKM-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin miner selling","bitcoin miners","btc","btcusd"],"dateCreated":"2023-06-20T22:30:48Z","datePublished":"2023-06-20T22:30:48Z","dateModified":"2024-06-11T08:08:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Deposit To Exchanges, What Does This Mean?\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-miners-deposit-exchanges-more-decline-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bitcoin-miners-deposit-exchanges-more-decline-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/michael-fortsch-kS5ygaqoPKM-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/michael-fortsch-kS5ygaqoPKM-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin miner selling\",\"bitcoin miners\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-06-20T22:30:48Z\",\"datePublished\":\"2023-06-20T22:30:48Z\",\"dateModified\":\"2024-06-11T08:08:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/06\/michael-fortsch-kS5ygaqoPKM-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/538751"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=538751"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/538751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/538816"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=538751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=538751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=538751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}