Data shows Bitcoin miners have dumped around 7.7k BTC in the last week, resulting in an almost 10% decrease of their reserves in the period.
Bitcoin Miners Withdraw Large Amounts Following The Crash
לויט די לעצטע וואכנשריפט באריכט פון גלאַסנאָדע, the latest decline in the miner reserves is the sharpest since the September of 2018.
די "מיינער באַלאַנס” is an indicator that measures the total amount of Bitcoin currently being held in the wallets of all miners.
When the value of this metric goes up, it means miners are transferring coins to their wallets right now. Such a trend, when prolonged, may hint at accumulation from these chain validators, and hence could prove to be bullish for the price.
On the other hand, a decrease in the indicator suggests miners are withdrawing their BTC from their reserves at the moment. Generally, miners transfer out of their wallets for selling purposes, and thus this kind of trend can be bearish for the crypto.
Now, here is a chart that shows the trend in the Bitcoin Miner Balance over the last few years:
עס קוקט ווי די ווערט פון די מעטריק איז פּלאַנדזשד אין די לעצטע טעג | מקור: Glassnode's The Week Onchain - וואָך 46, 2022
As you can see in the above graph, the Bitcoin Miner Balance has plummeted recently as the crash due to the FTX קריזיס איז פארגעקומען.
In the last week or so, the indicator’s value has dropped by 7.76k BTC, representing a total decline of around 9.5%.
The chart also includes the data for the “Miner Net Position Change” (or simply, the נעטפלאָוו), which measures the total number of coins that miners are depositing to or withdrawing from their wallets.
According to this metric, miners are currently spending at a rate of 6.45k BTC per month, higher than during any selloff in the last few years.
In fact, the current monthly decline in the reserves of the miners is the sharpest it has been since September 2018.
Miners had already been under extreme pressure before the latest crash, as the long and deep bear market had been continuously shrinking their profits.
The new price plunge is bound to have left many miners with no choice but to liquidate their holdings now, which is what has lead to the sharp decline in the Bitcoin Miner Balance.
בטק פּרייס
אין דער צייט פון שרייבן, ביטקאָין ס פּרייַז פלאָוץ אַרום $ 16.7 ק, אַראָפּ 15% אין די לעצטע וואָך.
די ווערט פון די קריפּטאָ סימז צו זיין מאָווינג סיידווייז אין די לעצטע ביסל טעג | מקור: בטקוסד אויף טראַדינגוויעוו
פיטשערד בילד פון Hans-Jurgen Mager אויף Unsplash.com, טשאַרץ פון TradingView.com, Glassnode.com
Source: https://bitcoinist.com/bitcoin-miners-dumped-almost-10-reserves-past-week/