Miners Are Sending Bitcoin To Crypto Exchanges – This Could Be Bearish
Today, the crypto market looks pretty bloody, with the most important coins trading in the red.
At the moment of writing this article, Bitcoin is also trading in the red, and the king coin is priced at $9,184.06.
Miners are sending Bitcoin to crypto exchanges
It’s been recently revealed by the online publication Coindesk that Bitcoin outflows from miner wallets have spiked lately, and the majority of the digital assets are finding their way into crypto exchanges.
“The net flow of coins into or out of miner addresses fell to -2,935 BTC on Tuesday to hit the lowest level since June 2019, according to data source Glassnode. To put it another way, miner wallets witnessed the highest outflow of coins for a year,” the online publication mentioned above notes.
“There has been a big spike in miner outflows overnight, I’m expecting a whole lot of selling, starting real soon,” a well-known crypto analyst, Cole Garner tweeted.
What’s also important to mention is a chart from blockchain analysis firm CryptoQuant that shows a big spike in the miner outflow around 10:00 UTC on Tuesday.
On the other hand, it’s essential to also note the fact that the Miner’s Netflow Volume doesn’t tell people whether coins have been sent to exchanges for liquidation or sold off during an OTC deal, according to Coindesk.
The same online publication also mentioned that there’s another metric, which tracks the flow of coins from miner wallets to crypto exchanges, which is showing that nearly 97% of the total outflow of 2,935 BTC from miner addresses was deposited to crypto exchanges this Tuesday.
We recommend that you check out the original article in order to learn more details.
In other news, Bitcoin adoption has been intensifying.
It’s been revealed that shoppers in the US are able to buy BTC with cash at pharmacy chains and convenience stores.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.