Crypto Exchange TutorialsCrypto Exchange Tutorials
    What's Hot

    The crypto industry needs a crypto capital market structure

    July 4, 2022

    Bitcoin’s inverse correlation with US dollar hits 17-month highs — what’s next for BTC?

    July 4, 2022

    Bitcoin addresses in loss hit all-time high amid $18K BTC price target

    July 4, 2022
    Facebook Twitter Instagram
    • Binance
    • OKEx
    • Hotbit
    • bybit
    Facebook Twitter Instagram
    Crypto Exchange TutorialsCrypto Exchange Tutorials
    • BitMart Tutorials
    • Gate.io Tutorials
    • OKEx Tutorials
    • Bityard Tutorials
    • FTX Tutorials
    Crypto Exchange TutorialsCrypto Exchange Tutorials
    Home » Bitcoin miners’ exchange flow reaches 7-month high as BTC price tanks below $21K
    Bitcoin miners’ exchange flow reaches 7-month high as BTC price tanks below $21K
    Bitcoin

    Bitcoin miners’ exchange flow reaches 7-month high as BTC price tanks below $21K

    coffeecoinoBy coffeecoinoJune 15, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Bitcoin’s (BTC) price tanked to a 52-week low of $20,800 earlier on Wednesday, down by over 70% from its all-time high of $68,788. Although the price has since recovered above $21,000, key market indicators point toward bears having a significant hold on the current market.

    Bitcoin Miners to Exchange flow, a metric that indicates the volume of BTC sent by miners to crypto exchanges, rose to a seven-month high of 9,476. The rise in exchange flows indicates miners are currently selling their BTC in anticipation of the price going down.

    The actions of the BTC miners often reflect the larger market sentiment as they mostly sell BTC to ensure they don’t incur losses on their mining rewards. The rise in Bitcoin miners selling activity is backed by the significant decline in mining profitability.

    Related: Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk

    Mining profitability has dropped over 75% from the top, and Bitcoin’s hash price currently sits at $0.0950/TH/day, which is the lowest point since October 2020.

    Bitcoin Hashprice Index one-year chart. Source: Hashrate Index

    The miner netflow to exchanges has also turned positive. When the miner netflow is positive, it signifies that more coins are being sent to exchanges than are being sent to personal wallets. Such behavior would indicate that miners are bearish on the price and are under pressure to sell.

    Many BTC mining rigs have turned unprofitable with the price dropping below $21,000 and risk being shut down if the price doesn’t recover. The rest of the crypto market followed BTC in its price action as the overall market cap dipped below $1 trillion.

    Over the course of the past decade, BTC has seen numerous bull cycles followed by an 80%-90% decline from the top. However, the BTC price has never fallen below the all-time high of the previous cycle. Currently, BTC is trading very close to its 2017 high of $19,783, and any possible sell-off from here could push it to 2017 territory.

    • #Bitcoin
    • #Bitcoin Wallet
    • #Wallet
    • #Bitcoin Price
    • #Bitcoin Mining
    • #Bitcoin Community
    Related News
    • The Big Four Are Gearing Up to Become Crypto and Blockchain Auditors
    • Block Games studio announces launch of first skill-based free-to-play blockchain mobile game
    • What happens if you lose or break your hardware crypto wallet?
    • The crypto industry must do more to promote encryption, says Meltem Demirors
    • BTC price snaps its longest losing streak in history — 5 things to know in Bitcoin this week
    • Traders think Bitcoin bottomed, but on-chain metrics point to one more capitulation event

    bitcoin
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    coffeecoino
    • Website

    Related Posts

    The crypto industry needs a crypto capital market structure

    July 4, 2022

    Bitcoin’s inverse correlation with US dollar hits 17-month highs — what’s next for BTC?

    July 4, 2022

    Bitcoin addresses in loss hit all-time high amid $18K BTC price target

    July 4, 2022

    Top 5 cryptocurrencies to watch this week: BTC, SHIB, MATIC, ATOM, APE

    July 4, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo

    coffeecoino covers fintech, blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube
    Top Insights

    The crypto industry needs a crypto capital market structure

    July 4, 2022

    Bitcoin’s inverse correlation with US dollar hits 17-month highs — what’s next for BTC?

    July 4, 2022

    Bitcoin addresses in loss hit all-time high amid $18K BTC price target

    July 4, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from Cryptocurrency , bitcoin and ethereum

    Crypto Exchange Tutorials
    Facebook Twitter Instagram Pinterest
    • Binance
    • Huobi
    • CoinEx
    • BitMart
    • OKEx
    • Gate.io
    • FTX
    • Bityard
    • CoinFLEX
    • ProBit
    © 2023 coffeecoino. Designed by Nikrad Co..

    Type above and press Enter to search. Press Esc to cancel.