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.

alert-circle
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

Latest News

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