Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2022-06-15 13:09:39

Bitcoin Miners’ Exchange Flow Rises To Seven-Month High Amid Bloodbath

Bitcoin mining profitability has plummeted by more than 75% from the market peak, and is now at its lowest level since October 2020. Bitcoin Price Plummets Further Bitcoin’s price plummeted to a 52-week low of $20,800 on Wednesday, down from an all-time high of $68,788 by more than 70%. Despite the fact that the price has already returned above $21,000, important market indications indicate that bears still have a strong grip on the current market. The Bitcoin Miners to Exchange Flow, a metric that measures the amount of BTC transferred from miners to crypto exchanges, hit a seven-month high of 9,476. The increase in exchange flows suggests that miners are selling their BTC in anticipation of a price drop. BTC miners'exchange flow. Source: Glassnode. Related article | Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market Miners Actions Signals Market Sentiment BTC miners’ activities often mirror broader market sentiment, as they typically sell BTC to avoid losing money on their mining payouts. The large drop in mining profitability explains the increase in Bitcoin miners selling activity. Mining profitability has plummeted by more than 75% since its peak, and Bitcoin’s hash price is at $0.0950/TH/day, the lowest since October 2020. BTC/USD falls to a 52-week low. Source: TradingView The netflow of miners to exchanges has also improved. When the miner netflow is positive, it means that more c...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.