Bitcoin is currently holding above the $115,000 level after setting a new all-time high of approximately $123,000 last Monday. The price structure remains firmly bullish, with buyers still in control, but growing signs suggest the potential for a short-term correction. Momentum has slowed, and the market is entering a consolidation phase as traders reassess risk. Related Reading: Coinbase Premium Signals Aggressive Ethereum Accumulation: Institutional Demand Accelerates According to new data from CryptoQuant, Bitcoin miner selling has surged sharply. On July 15, the same day Bitcoin reached its latest peak, daily BTC inflows to exchanges jumped from 19,000 BTC to 81,000 BTC — a clear sign that major holders, including miners and whales, took advantage of high prices to offload assets. Notably, miner outflows spiked to 16,000 BTC, the highest daily level since April, and nearly all of it was sent directly to exchanges. These inflows suggest a shift in sentiment among large players, raising the probability of increased supply pressure in the short term. While the broader trend remains intact, and fundamentals like long-term holder activity are still strong, the spike in exchange deposits is a classic signal to watch. Whether this leads to a deeper pullback or simply a healthy reset will likely be decided in the coming days. Miners Take Profits As Bitcoin Hits All-Time High Fresh data from CryptoQuant reveals that Bitcoin miners have resumed aggressive selling behavior as BTC reached a new all-time high of ~$123,000. On July 15, miner outflows spiked to 16,000 BTC — the highest single-day total since April 7. This level of activity represents what analysts at CryptoQuant describe as an “extreme outflow,” indicating that miners seized the opportunity to take profits at elevated prices. The miners sent nearly all the BTC they withdrew from their wallets directly to centralized exchanges. This reinforces the interpretation that the move was not simply a strategic reallocation but an active decision to sell into market strength. Such behavior often signals growing caution among miners, who may expect either near-term price exhaustion or are simply capitalizing on favorable conditions after months of holding. Miner behavior has long been viewed as a leading indicator of potential market shifts. When outflows rise — particularly to exchanges — it tends to precede increased volatility or temporary tops. While the broader Bitcoin trend remains bullish and investor demand stays strong, this wave of miner selling injects a dose of uncertainty. Related Reading: Ethereum Enters Top 30 Global Assets With $416B Market Cap – What’s Next? BTC Consolidates Below ATH After Explosive Rally The daily chart of Bitcoin (BTC/USD) shows price consolidating in a tight range between $115,730 and $123,230 after reaching a new all-time high. This zone is now acting as a short-term channel, with buyers defending the $115K area while facing resistance around $123K. The latest daily candle shows low volatility, suggesting indecision among traders as Bitcoin pauses after its recent breakout. Volume has tapered off following a massive spike that coincided with the all-time high breakout, a potential signal of exhaustion or reduced participation from large buyers. The 50-day simple moving average (SMA) at $108,796 remains well below the current price, confirming the bullish momentum is still intact, but any breakdown below the $115K level could bring the 50-day SMA into focus as a potential support. Related Reading: All 40K Remaining Bitcoin From The 80K Whale Just Moved: $4.75B In One Wallet Now So far, the trend structure remains bullish, but with a growing number of analysts pointing to miner sales and whale activity, traders are closely monitoring price action for signs of a pullback or renewed breakout. If BTC can reclaim $123,230 with volume, the next leg up could follow. Until then, this consolidation may serve as a healthy cooldown before the next major move. Featured image from Dall-E, chart from TradingView
The fall in the monthly average network hashrate was a result of miners curtailing operations in response to the recent heatwave, the report said.
The company said $10 million of the total amount raised came in the form of bitcoin, at a rate of $104,000 per BTC.
The combined hashrate of the 13 bitcoin miners the bank follows has risen 99% year-on-year versus a 55% y/y increase in the network hashrate, the report said.
The total market cap of the 13 U.S.-listed miners that the bank tracks rose 19% from the month previous, according to the report.
U.S.-listed miners also produced fewer bitcoin last month than in March.
Mining gross margins expanded sequentially this month, which is encouraging, the bank said.
Mining profitability fell in April as the network hashrate increased 6%, the report said.
Beaten down crypto miners snapped back after weeks of underperformance with bitcoin catching momentum.
While there are still two weeks until the end of April, Bitcoin miners managed to net stack approximately 759 BTC, the first positive month since January. Daily net flow dropped from a +1,175 BTC inflow on Apr. 6 to a -1,627 BTC outflow on Apr. 7, mirroring Bitcoin’s rapid dip. This volatility in miner flows […]
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Mining profitability worsened due to a 11.2% decline in the bitcoin price and a 9.1% slump in transaction fees, the report said.
On-chain data shows the Bitcoin miners have continued to make large deposits to exchanges recently, a sign that could be bearish for BTC’s price. Bitcoin Miner Exchange Netflow Has Been Seeing Positive Spikes In a new post on X, CryptoQuant author IT Tech has discussed about the latest trend in the Bitcoin Miner to Exchange Flow vs. Exchange To Miner Flow metric. This indicator measures, as its name suggests, the netflow happening between miner-associated wallets and centralized exchanges. When the value of this metric is positive, it means the miners are depositing a net number of tokens to these platforms. Generally, these chain validators transfer to the exchanges whenever they want to sell, so this kind of trend can have a bearish impact on the asset’s price. Related Reading: Bitcoin Resets With 14% Deleveraging—Here’s What Past Events Led To On the other hand, the indicator having a negative value implies the the miner exchange outflows are outweighing the miner exchange inflows. Such a trend suggests this cohort may be accumulating, which can naturally be bullish for BTC. Now, here is the chart that shows the trend in the Bitcoin Miner to Exchange Flow vs. Exchange To Miner Flow over the last year: As displayed in the above graph, the indicator has been registering significant positive values since the bull rally from the last couple of months of 2024, implying miners have been depositing big to these platforms. The metric has also been flagging some net outflows during this period, but the scale of them has been significantly lesser compared to the net inflows. Given that the deposits started when the rally began, it would appear likely that the motivation behind them was for profit-taking purposes. Recently, though, bullish momentum has seen a cooldown and BTC’s price has declined, but the miner inflows have nonetheless continued. It’s possible that this group is now just panic selling, in fear of a bear market. Miners are entities that regularly participate in distribution, due to the fact that they have constant running costs in the form of electricity bills that they have to pay off somehow. Usually, this selling isn’t of a scale that can’t be absorbed by the market, so Bitcoin doesn’t tend to be affected much by it. In the periods where miner selling is significant, however, BTC can indeed suffer from a bearish setback. Compared to during the rally last year, miner inflows are currently lower, but are of a notable level nonetheless. “If miner selling accelerates, it could introduce short-term volatility into the market,” notes the analyst. Related Reading: Is Bitcoin Peak In? This Data Suggests Otherwise, Analytics Firm Says It now remains to be seen what the Bitcoin miners would do next and whether their potential selling would have any influence on the asset or not. BTC Price At the time of writing, Bitcoin is floating around $83,400, up almost 6% in the last seven days. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
U.S.-listed miners maintained their share of the network hashrate at around 30%, the report said.
Bitcoin Miner IREN Upgraded to Overweight, Cipher Mining Cut to Neutral: JPMorgan
The total market cap of the 14 publicly-listed U.S. bitcoin miners that the bank tracks dropped 22% last month, the report said.
On-chain data shows the Bitcoin Miners’ Position Index (MPI) has recently formed a crossover that has historically been bullish for the asset’s price. Bitcoin MPI Has Seen Its 90-Day MA Cross Above The 365-Day As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin MPI momentum has recently given a bullish signal for Bitcoin. The “MPI” refers to an on-chain metric that keeps track of the ratio between the total miner outflow and its 365-day moving average (MA). Related Reading: $54 Million In Dogecoin Exits Binance As Price Crashes 9%: Sign Of Buying? The miner outflow here is naturally the amount of the cryptocurrency (in USD) that is being transferred out of the wallets associated with the network’s validators. When the value of the MPI is high, it means the miners are making more outflows than usual. Generally, the main reason why this cohort transfers tokens out of its wallets is for selling-related purposes, so this kind of trend can be bearish for the asset’s price. On the other hand, the indicator being low suggests the miners are withdrawing a lower number of coins than the average for the past year. Such a trend could be a sign that this group is preferring to hold for now. In the context of the current topic, the Bitcoin MPI itself isn’t of interest, but rather a derivative indicator known as the MPI Momentum. Like other momentum metrics, this one also involves two MAs: 90-day and 365-day. Below is a chart for the BTC MPI Momentum over the past few years. As displayed in the graph, the 90-day MA of the Bitcoin MPI recently broke above the 365-day one. This suggests miner selling has been gaining positive momentum. While this may sound bad, the cryptocurrency has actually historically benefited from the pattern. From the chart, it’s apparent that the crossover generally signals the start of an extended bullish period for the asset’s price. The last time that the two MAs of the MPI displayed this trend before the latest instance was back in December 2022. Related Reading: Solana Plunges 12%, But This Pattern Could Mean Decline Isn’t Over Yet So far since the most recent crossover, the 90-day and 365-day MAs have continued to diverge away from each other, implying that the momentum in the metric remains strong. Bitcoin has usually only hit tops when the 90-day has gained a large amount of distance over the 365-day. Thus, considering the current placement of the two lines, it’s possible that the cryptocurrency has some room remaining in this cycle, before miner selloff leads to a top. BTC Price Bitcoin fell towards the $98,000 mark during yesterday’s crash, but the asset appears to have found a rebound since then as it’s now back at $102,500. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
The selloff could provide traders an attractive entry opportunity in higher-beta altcoins such as Solana's SOL, which endured a double-digit pullback, one analyst said.
The volatility in the crypto market hasn’t missed the mining industry. Since the beginning of the year, we’ve seen volatility in miner behavior, with alternating periods of accumulation and distribution. CryptoQuant data showed notable spikes in positive netflow around Jan. 11 and Jan. 23, indicating substantial accumulation during these periods. This accumulation follows Bitcoin’s spike […]
The post Miners maintain strong reserve despite strategic selling appeared first on CryptoSlate.
The combined hashrate of miners tracked by the bank has doubled in the last year to roughly 30% of the global network, the report said.
Mining profitability increased last month as the rally in bitcoin outpaced the increase in the network hashrate, the report said.
On-chain data shows the volume of Bitcoin miners has observed a steep drop recently. Here’s what this could mean for the asset. Bitcoin Miners’ Volume Share Has Been Sharply Going Down Recently In a new post on X, the market intelligence platform IntoTheBlock has discussed the recent trend in the Bitcoin Miners’ Volume Share. The […]
Bitcoin journey in the new year continues to demonstrate less upward momentum, with its price recently dropping below the $95,000 price mark. Amid this movement, the market seems to be witnessing a notable trend among miners as they grapple with the effects of rising values and selling pressure. Insights from XBTManager, a CryptoQuant contributor, shed light on the challenges facing Bitcoin miners and the broader implications for the cryptocurrency market. Related Reading: Bitcoin May Rally In Q1 2025 Driven By US Fed’s Money Printing, Predicts Arthur Hayes Miners Feel the Pressure As Bitcoin Remains Below $100K In a post titled “The Strong Remain, the Weak Exit the Market,” XBTManager highlighted that Bitcoin’s appreciation has placed miners in a “precarious” position. The recent price surge above $100,000 initially brought substantial gains for miners, but subsequent corrections have intensified selling activity. According to the analysis, miners have entered a state where their positions are “extremely underpaid,” leading to significant financial strain. XBTManager wrote: Following a sharp pullback in Bitcoin’s price, it entered a correction phase and rose again to the 102k levels, only to trigger another wave of heavy selling. As Bitcoin climbed to 102k, miner positions, which were in a “fairly paid” state, transitioned to an “extremely underpaid” state as selling pressure intensified at that level. Notably, as weaker miners exit the market, those with greater resilience are expected to persist, potentially opening opportunities for investors. XBTManager’s outlook suggests that assuming the current bull market remains intact, the ongoing challenges for miners could present favorable conditions for strategic buying. MVRV Indicator Hints At Bitcoin’s Continued Growth Potential Another CryptoQuant contributor, CryptoOnchain, offered an additional perspective on Bitcoin’s market cycle. Analyzing the 100-day MVRV (Market Value to Realized Value) ratio, CryptoOnchain argued that Bitcoin has “yet to reach its peak” for this cycle. Historical data shows that the MVRV ratio reached a value of 3 during the market tops in the last two cycles. At present, this ratio stands at 2.14, indicating potential for further upward movement. 100-day moving average of MVRV: Bitcoin has not yet reached the top price of this cycle “MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of… pic.twitter.com/YlNLQwgE3w — CryptoQuant.com (@cryptoquant_com) January 9, 2025 The MVRV metric, which helps identify market tops and bottoms, signals that Bitcoin may be preparing for another price surge in the coming months. Related Reading: Bitcoin Faces Mixed Signals: Institutional Investors Accumulate Amid Retail Weakness If the pattern from previous cycles holds true, Bitcoin could be on track to approach a new peak before the current cycle concludes. CryptoOnchain particularly concluded by noting: Based on this, it can be said that Bitcoin is preparing to move towards the top price of this cycle, which is likely to occur in the coming months. Featured image created with DALL-E, Chart from TradingvIEW
In 2024, the combined market capitalization of public Bitcoin mining companies reached $50 billion for the first time.
The Nasdaq-listed Bitcoin mining company is one of the world’s largest corporate BTC holders.
On-chain data shows that Bitcoin miners have been selling for around a year now. Here’s how much they have sold so far. Bitcoin Miners Have Shed Over 4% Of Their Holdings In Past Year As pointed out by CryptoQuant community analyst Maartunn in a new post on X, the BTC miners have been in net selling mode for a significant period of time. The on-chain metric of relevance here is the “miner reserve,” which keeps track of the total amount of coins that the miners as a whole are carrying in their wallets right now. Related Reading: Bitcoin Derivatives Market Heating Up Again: Brace For Impact? When the value of this indicator rises, it means the chain validators are adding a net number of tokens to their combined holdings. Such a trend can be a sign that this cohort is accumulating, which can naturally be bullish for the asset’s price. On the other hand, the metric observing a decline suggests the miners are withdrawing coins from their addresses. The main reason why this group makes such transactions is for selling-related purposes, so this kind of trend can have a bearish impact on BTC. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the past year: As displayed in the above graph, the Bitcoin miner reserve has gone through a steady downtrend during this window. There have been some brief periods of deviation, but the overall trajectory has remained toward the downside. Historically, the miners have had a presence as consistent sellers on the network. The reason behind this is the fact that these chain validators have constant running costs in the form of electricity bills, which they pay off by selling their BTC rewards for fiat. Generally, though, despite being regular sellers, miners don’t pose too much of a threat to the price, as their selling tends to be of a scale that can readily be absorbed by the market. That said, the times that they do participate in a major selloff can be to watch out for. During the start of this year, the Bitcoin miners held a total of 1.99 million BTC in their reserve. Today, the same metric stands at 1.90 million BTC, implying the miners have sold 90,000 BTC (about $9.3 billion at the current exchange rate) or 4.74% of their holdings. Related Reading: Bitcoin Returns Above $100,000 As Monthly Inflows Hit $80 Billion This is a notable amount on its own, but when considering the context that this selling has come over some length of time rather than inside a narrow window, the selloff stops being too interesting. “Miners are offloading steadily, but not in large amounts,” notes the analyst. “This suggests they are likely selling to cover operational costs.” As such, it’s possible that Bitcoin wouldn’t feel any major bearish effects from this miner selloff. The miner reserve could still be to keep an eye on in the near future, however, as any sharp changes in the metric could potentially spell a new outcome for Bitcoin. BTC Price Bitcoin set a new all-time high beyond the $106,000 mark earlier in the day, but the coin appears to have seen a pullback since then as it’s now trading around $104,000. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
The purchase came amid reports that the Bitcoin mining company was under pressure from activist investor Starboard Value.
On-chain data shows the Bitcoin Hashrate has been on the rise recently, an indication that the miners are expanding their mining farms. Bitcoin Mining Hashrate Has Returned Close To Its All-Time High The “Hashrate” refers to an indicator that keeps track of the total amount of computing power that the miners as a whole have […]
The increases partly reflect a “HODL premium” akin to MicroStrategy’s, the analysts said.
The CEO of MARA Holdings has gone all-in on bitcoin, adding billions of dollars worth of the world’s largest cryptocurrency to MARA’s balance sheet.
Core Scientific’s CEO pioneered the highly lucrative move by bitcoin miners into AI computation work.