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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Miner Selloff Is Calming Down: Green Sign For Rally To Continue?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin Mining

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On-chain data shows the Bitcoin miner exchange inflows have been dropping recently, a sign that may be bullish for the asset’s price.

Bitcoin Miner Exchange Inflow Has Been Declining Recently

As explained by CryptoQuant author Axel Adler Jr in a new post on X, miners have gradually been reducing their exchange inflows recently. “Exchange inflows” here naturally refer to transactions heading to wallets attached to centralized exchanges from self-custodial addresses.

In the context of the current topic, the exchange inflows made by miner-related wallets specifically are of interest. Generally, the main reason why miners transfer to these platforms is for selling, so large exchange inflows from them can be a sign that these chain validators are participating in a selloff.

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Miners have constant running costs in the form of electricity bills, so selling from them is a regular occurrence, as without it, they can’t keep their operations going.

This regular selling is usually of a scale readily absorbed by the market, so there may be no visible negative effect on the asset’s price. Large and sustained exchange inflows, though, can be something to note, as they may imply unusual selling pressure from this group.

Here is the chart shared by the analyst that shows the trend in the 30-day moving average (MA) Bitcoin miner exchange inflows over the history of the cryptocurrency:

Bitcoin Miner Exchange Inflows
Looks like the value of the metric has been moving down in recent days | Source: @AxelAdlerJr on X

As the above graph shows, the 30-day MA of the Bitcoin miner exchange inflows had plunged to pretty low in the first few months of the year but then underwent a sharp reversal.

The reason for this increase could be that the fourth Halving occurred in April. Halvings are periodic events about every four years that permanently cut the BTC block subsidy in half.

In the chart, the analyst has also attached the data for the coin issuance on the network (colored in blue). From this metric, the effect of the Halving is apparent, as miners can suddenly only mint about half as many coins after each of these events as before them.

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Miners make their income through two main sources, the transaction fees and the block subsidy, but most of the contribution generally comes from the latter. Thus, the miners depend on the block subsidy to make their income.

After the latest Halving, the miners naturally came under immense pressure because their revenue took a drastic hit. The exchange inflow trend would suggest that these chain validators had decided to sell off their reserves in response to this income squeeze.

The high inflows from the Bitcoin miners had continued for a while, but the 30-day MA of their exchange inflow has recently reversed, a potential sign that this cohort is finally pulling back on their selling. If this starts a sustained trend, then the cryptocurrency’s price might benefit from it.

BTC Price

Bitcoin has retraced much of its recent recovery during the last few days, as its price is now down to $60,300.

Bitcoin Price Chart
The price of the coin seems to have plunged recently | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.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.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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