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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Bearish Signal: Miners Continue Transfers To Exchanges

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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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:

Bitcoin Miner To Spot Exchange Flow

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.

Bitcoin Price Chart

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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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

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’s 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’t 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’t 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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