Bitcoin Miners Move 5,000 BTC; Market Absorbs Impact, Price Holds

Share on Facebook Share on Twitter

How Bitcoin Miners Keep the BTC Price Stable

Bitcoin miners have moved over 5,000 BTC in the last three days. Nevertheless, BTC remained above the price range of $42,000. The Bitcoin miner reserve metric has experienced a notable shift, suggesting sales of the king coin. Have these sales significantly affected the reserve and price of BTC?

Significant Movements in the Bitcoin Miner Reserve

CryptoQuant recently reported a significant outflow of over 4,000 BTC, worth about $173 million, as shown by the Bitcoin miner reserve. This outflow marks the highest observed value since May 16, 2023. An investigation of the miner reserve by AMBCrypto suggests that the decline in reserves began in November 2023. To date, more than 1,200 BTC have left the exchanges, representing an outflow of over 5,000 BTC from the reserve in the last three days.

Bitcoin Miner Reserve Retains High Value

Despite the recent outflow, the value of the reserve remained higher than in the previous year’s months. Although there was a recent decline in this value, it was still above $70 billion at the present time. According to the latest data, the reserve value was around $78.3 billion. Until December 2023, the highest value of the reserve from February to November 2023 was around $67 billion.

You can also find us on Telegram: Click here to follow our Telegram channel.

Comparison of Bitcoin Miner Flow with Daily Trading Volume

A notable observation by AMBCrypto is that the market has adeptly absorbed Bitcoin from the miner reserve. The strength of accumulation was evident when we examined the trading volume of BTC between January 29 and the present time. During this period, the trading volume consistently remained above $20 billion. In contrast, the total volume from the sale of the miner reserve was over $173 million. When comparing the sale of the miner reserve with the total trading volume, it is clear that it had no significant impact on the prevailing trend. At the present time, the trading volume of BTC was about $23 billion.

How BTC Has Performed

An analysis of Bitcoin’s daily price history by AMBCrypto shows that it has remained above the price range of $42,000 despite recent declines. At the present time, it was at about $42,800, representing a decrease of less than 1%. The graph showed that BTC recorded an increase of over 3% on the day of the largest recent outflow from the miner reserve, reaching a value of over $43,000.

BTC has crossed the neutral line on its Relative Strength Index (RSI) and held this position. Therefore, the movement of the Bitcoin miners cannot be characterized as a complete dump. This movement has not had a significant impact on the volume and price history of BTC at the present time.

Sources: CryptoQuant, Santiment, Trading View

Share on Facebook Share on Twitter
Casinos: 48
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
  • Fairly low transaction speed
Price 60.728,00 €
Percent Change 24h 0,00 %
Percent Change 7d -2,82 %
Percent Change 30d -6,79 %
Percent Change 60d 0,40 %
Percent Change 1y 131,08 %
Market Cap 1.197.348.715.881,00 €
Max. Supply 21.000.000
Official Links
Socials Reddit | X | Message Board
Best 3 Bitcoin casinos

Latest News

Created by

As a bit of a nerd and travel fan, I get to combine many things at KC. As a member of the team, I can ensure that our readers play in reputable casinos and at the same time contribute to the technical development. I do that from Germany or Spain, my adopted country.

Last update: 11. June 2024 Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

We use cookies. By using this site, you accept them.