Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market?

2022-11-2 22:00

On-chain data shows the Bitcoin miner selling power is at its lowest for the year, something that could be favorable for the price of the crypto.

Bitcoin Miner Selling Power Has Been Going Down In Recent Weeks

As pointed out by an analyst in a CryptoQuant post, the metric has observed surges in its value a few times this year, and each time the BTC price has gone down.

The “miner selling power” is an indicator that’s defined as the ratio between the Bitcoin miner outflows and the total number of coins held by this cohort (30-day moving average, log-scaled)

Here, the “miner outflows” is a measure of the total amount of BTC that miners are transferring out of their personal wallets.

When the value of the miner selling power rises, it means the ability of miners to dump their coins is going up right now as they are withdrawing more of them from their reserve. Naturally, such a trend can be bearish for the value of the crypto.

On the other hand, low values of the indicator suggest miners aren’t putting much selling pressure on the market at the moment, and hence might prove to be bullish for the BTC price.

Now, here is a chart that shows the trend in the Bitcoin miner selling power (log-scaled) over the year 2022 so far:

Looks like the log-scaled value of the metric has been on the way down recently | Source: CryptoQuant

As you can see in the above graph, the quant has marked the relevant points of trend for the Bitcoin miner selling power.

It seems like during the past year, the indicator has observed three instances of sharp growth, and around the time of each of these surges, the price of the crypto has taken a beating.

In the last few weeks, the metric has been on a constant decline, suggesting that miners haven’t been selling much during the period.

As a result of this downtrend, the Bitcoin miner selling power has now reached its lowest value for the last year. Going by the previous trend, this could be a positive sign for the current rally in the crypto.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.5k, up 6% in the last week. Over the past month, the crypto has gained 5% in value.

The below chart shows the trend in the price of the coin over the last five days.

The value of the crypto seems to have been moving sideways between $20k and $21k | Source: BTCUSD on TradingView Featured image from Brian Wangenheim on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68780.58 (-0.16%)
Объем 24H $41.744b
Изменеия 24h: -0.07 %, 7d: -3.43 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1360.344b Rank 1
Цена в час новости $ 20506.65 (235.41%)

bitcoin miner selling power year lowest down

Источник: newsbtc.com

bitcoin miner → Результатов: 126


Фото:

Bitcoin Miner Revenue From Fees Explodes: What’s Driving This?

On-chain data shows the Bitcoin miner revenue percentage from the fees has exploded recently. Here’s what’s behind this sharp growth. Bitcoin Runes Have Caused A Sudden Shake-Up In Miner Revenues A couple of days ago, the much-anticipated fourth Halving, a periodic event taking place roughly every four years where block rewards that miners receive for […]

2024-4-23 19:00


Solo Bitcoin Miner Snags $200,000 Block Reward, How Did They Do It?

A solo Bitcoin miner has struck gold after successfully claiming a $200,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations  Lone Bitcoin Miner Hits Jackpot On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr.

2023-10-31 22:00


Фото:

Research Attempts to Unravel Claims of Satoshi Nakamoto Owning a Million Bitcoin

On August 20, 2018, Bitcoin Mercantile Exchange (BitMEX) published research on a quintessential question bounced around since Bitcoin’s introduction in 2009: Does Satoshi Nakamoto own a million bitcoins? A Million or not a Million BitMEX based its study on Sergio Demian Lerner’s 2013 analysis, where the developer uncovered mined Bitcoin blocks can be traced back to their miner, proving the.

2018-8-21 20:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.