Bitcoin Miners Move 14K BTC; How will this affect the price?

Bitcoin prices have shown positive intentions since the release of official US inflation data. However, BTC miners have been increasing their outflow since the last month.

Bitcoin miners netflow vol when ATH

According to IT Tech, Bitcoin miners sent more than 14k BTC sent for exchange in a block. It highlighted the transfer from the mine wallet to the exchange, so there is no bullish news for the market. It added that they define mining pool wallets in their calculations as all participants in the pool, including the individual miners.

However, one user noted that these Bitcoin did not reflect in the spot market or derivatives. Meanwhile, Glassnode mentioned that BTC Miners’ Netflow Volume on a 7-day MA basis reached an all-time high (ATH) of $ 1,779,953. Previous ATH was $ 1,700,940 registered in the first week of January 2022.

Ki Young Ju, CEO of CryptoQuant, mentioned that this outflow did not end in the stock market wallet. It is more likely to go to a cold wallet. This can be used as a custody service or an OTC agreement. He concluded with that This is neutral or bullish news.

The BTC price has increased by 6% in the last 24 hours

IT Tech also mentioned that open interest is increasing and that the market may soon see a larger one. According to the report, there has been a fall recorded in the Bitcoin miner’s reserves in the last two weeks. However, this can be a major indicator of declining confidence in a price reversal.

Bitcoin prices have jumped by more than 6% in the last 24 hours. BTC is trading at an average price of $ 20,953 at the time of press release. Its 24-hour trading volume is up 2% to $ 32.8 billion.

Meanwhile, Anthony Pompliano emphasized in his report that with rising inflation, the Bitcoin price is on a downward trend. He added that it may be true that there is no good hedge against the CPI.

Ashish believes in decentralization and has a strong interest in developing Blockchain technology, Cryptocurrency ecosystems and NFTs. He aims to create awareness around the growing crypto industry through his authors and analyzes. When he’s not writing, he’s playing video games, watching a thriller movie, or out playing sports. Reach me at [email protected]

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.