Bitcoin Miners Move 14K BTC; How This Will Affect Its Price?
Bitcoin prices have shown positive intend toward after the release of official US inflation data. However, the BTC miners have increased their outflow since the last month.
Bitcoin miners netflow vol reaches ATH
According to IT Tech, Bitcoin miners sent more than 14k BTC sent to exchange in one block. It highlighted that the transfer from miner wallet to exchange so it is not bullish news for the market. It added that they define mining pool wallets in their metrics as all participants in the pool including that individual miners.
However, one user noted that those Bitcoin did not reflect in the spot market or derivatives. Meanwhile, Glassnode mentioned that BTC Miners’ Netflow Volume on 7 days MA basis reached an all time high (ATH) of $1,779,953. Previous ATH was $1,700,940 recorded in the first week of January 2022.
Ki Young Ju, CEO of CryptoQuant mentioned that this outflow did not end on the exchange wallet. It is more likely to go to a custodial cold wallet. This can be used as the custodian service or some OTC deal. He concluded that It is neutral or bullish news.
BTC price up by 6% in last 24 hrs
IT Tech also mentioned that additionally open interest is rising and the market can see a bigger soon. As per the report, there has been a drop recorded in the Bitcoin miner reserves over the past two weeks. However, this can be a big indicator of the falling trust in a price reversal.
Bitcoin prices have jumped by over 6% in the last 24 hours. BTC is trading at an average price of $20,953, at the press time. Its 24 hour trading volume is up by 2% to stand at $32.8 billion.
Meanwhile, Anthony Pompliano in his report highlighted that with the increased inflation, Bitcoin price is on a downward trend. He added that it can be true that it is not a good hedge against CPI.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.