NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

On-chain Data Suggests Bitcoin Miners Were Behind The Selloff

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 2:19 pm
3 mins read

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.

On-chain shows Bitcoin miner outflows have been elevated recently, suggesting miners were involved in the recent selloff that took the price of the crypto below $42k.

Bitcoin Miner Outflows Spiked Up Before The Crash Below $42k

As pointed out by an analyst in a CryptoQuant post, BTC miners seem to have been one of the sellers behind the price drop to $42k.

The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin exiting wallets of all miners.

When the value of this metric spikes up, it means miners are moving a large number of coins out of their wallets right now. Such a trend can be bearish for the price of the crypto as it may be a sign of dumping from these original whales.

Related Reading | Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030

On the other hand, low values of these outflows suggest a normal or healthy amount of selling from miners. This trend, when sustained, can prove to be bullish for the BTC price.

Now, here is a chart that shows the trend in the Bitcoin miner outflows over the past several months:

Bitcoin Miner Outflows

Looks like the value of the indicator has shot up recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin miner outflows seem to have shown spikes in recent weeks, just before the selloff.

This would suggest that miners look to have played a role in the dump recently, sending the price of the coin diving below the $42k level.

A trend like this has been observed a few times in the past several months already, as the quant has marked in the chart.

Related Reading | Mexico’s Third Richest Man Says No To Bonds, Yes To Bitcoin

Currently, it’s unclear whether Bitcoin miners have already calmed down or if more selling is coming in the next few days.

BTC Price

After around twenty days of holding strongly above the level, Bitcoin’s price is now once again revisiting the $41k mark.

At the time of writing, the coin’s price floats around $41.1k, down 11% in the last seven days. Over the past month, the crypto has gained 4% in value.

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

Bitcoin Price Chart

The value of BTC seems to have taken a plunge over the past twenty-four hours | Source: BTCUSD on TradingView

Due to this sharp downtrend in the price of the coin as well as the wider market, crypto futures has collected a huge amount of liquidations today. In the last 24 hours, liquidations have amounted to more than $322 million, $175 million of which occurred in the past 4 hours alone.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tweet123Share196ShareSend
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.

Read more

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.

Close

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.

Related News

Bitcoin

Bitcoin Sentiment Sparks CZ Comment: Sell Greed, Buy Fear

Binance founder Changpeng Zhao’s blunt reminder about buying low and selling high landed at a tense time for crypto traders....

Christian Encila 7 hours ago
Monad

Monad Price To Crash 99%? BitMEX Co-Founder Calls Protocol Another Berachain

The Layer 1 blockchain Monad has grabbed the headlines in the past few days following its successful launch earlier last...

Opeyemi Sule 8 hours ago
best wallet token kucoin

Best Wallet Token zbral 18 milijonov USD in začel trgovanje na KuCoinu

November je za projekt pomemben mesec Best Wallet Token debitira na KuCoinu in iz predprodaje vstopa neposredno na eno največjih...

Alenka Kovač 9 hours ago
Load More

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.

Related News

Token BEST en forte hausse de 74 % après son lancement sur MEXC et KuCoin, avec les logos Binance et Coinbase en fond.

Le token BEST s’envole de 74 % sur MEXC – Binance et Coinbase les prochains ?

guillaumev 3 hours ago
Bitcoin ETFs

BlackRock Exec Says Bitcoin ETFs Becoming A Major Revenue Source Was A ‘Big Surprise’

Opeyemi Sule 5 hours ago
Fed print $2,7 miljard - XRP koers klaar voor $10 pump in december

Fed print $2,7 miljard – XRP koers klaar voor $10 pump in december

Lars Diederiksen 6 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後 と買われるミームコイン:市場動向と最新予測

    ドージコイン 今後...

    6 hours ago
  • リップル 今後:バイナンスのXRP供給が過去最低に下落、3ドル突破の行方は?

    リップル...

    6 hours ago
  • 仮想通貨 プレセール:ソラナ25%回復観測で資金がリスクオンへ流入する可能性

    仮想通貨...

    6 hours ago
  • 仮想通貨 おすすめ:0.0002ドルのバイラル系メームトークンが100倍を狙う理由

    仮想通貨...

    6 hours ago
  • 短期的な調整を経て10万ドル再挑戦の可能性はあるのか

    ビットコイン...

    12 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.