Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week

Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	1,356,494,302	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Flow

FLOWUSD

Crypto

1,356,494,302

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.016	-1.73%	0.911	0.910	0.912

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.016

-1.73%

0.911

0.910

0.912

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.929	0.898	0.926	0.926	0.385000 - 1.70

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.929

0.898

0.926

0.385000 - 1.70

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	12:10:56	5.00	0.911	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

12:10:56

5.00

0.911

USD

Price x Volume	Volume	Base Symbol	Related Pairs
37,835.30	41,309.67	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Price x Volume

Volume

Base Symbol

Related Pairs

37,835.30

41,309.67

Bearish Signal: Bitcoin Miners Dump 7,700 BTC In One Week

16/11/2022 11:00pm

NEWSBTC

Bitcoin miners are usually some of the longest holders of BTC but that is usually when the bull market is in full swing and they do not have to worry about cash flow. Currently, the cash flow on bitcoin miners has plummeted and as the price of the digital asset continues to trend low, bitcoin miners have been put in a tight spot. In response, the miners have taken to dumping their coins in order to keep their operations going. Selling Off 7,700 BTC Since the crypto winter first began following the Terra Network collapse in May, Bitcoin miners have increasingly turned to sell off their BTC holdings in order to survive. Over the last couple of months, the amount of BTC miners having to sell has been increasing. Related Reading: Bitcoin Recovers Above $17,000, Why This Could Be A Bull Trap With the most recent crypto market decline, miners have reportedly offloaded more than 7,700 BTC in a 7-day period, according to a Glassnode report. This translates to the highest dump by miners in a 4-year period, leading to a sharp decline in their balances. In total, there was 7,761 BTC sold by these miners. Miner BTC balances were down by 10% in this 7-day period, and this brings their balances to close to a one-year low. Miners sell off BTC | Source: Glassnode The chart shows that the sharp decline is correlated with the decline in bitcoin prices. So miners are continuing to follow historical trends, where they hold when the price is on the mend and sell off their coins during periods of low prices. Why Bitcoin Miners Are Selling The decline in bitcoin price is the primary reason behind the sell-offs being carried out by these miners. Not only do low BTC prices affect the profit margins of their mining machines, but it also affects investor sentiment during this time. BTC at $16,600 | Source: BTCUSD on TradingView.com Since investors are still very wary of investing in crypto, the shares of bitcoin mining companies have plummeted significantly. This means mining companies are having to turn to their BTC reserves in order to have enough cash flow for their businesses. Related Reading: TRX Surges Over 600% Following Justin Sun’s Deal With FTX Miners are also likely to continue selling BTC given that the market has not given any indication of hitting a bottom yet. If prices go lower, more miners will have to sell to realize some cash flow. In the meantime, these miners are putting more supply into a market that does not have enough demand to soak it up. Given this, the price of bitcoin is likely to continue its decline as the FTX debacle unfolds slowly over the next couple of months. Featured image from CNBC, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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