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.
If it follows through with its proposal, Riot Platforms will join many of its colleagues in paying top prices for BTC.
From attaining a six-figure market price to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week. Among these rapid developments on the largest digital asset, blockchain analytics company Santiment has observed a massive decline in mining balance. Related Reading: Bitcoin Sets New ATH Above $104,000, Yet Investors Don’t Want To Sell Bitcoin Miners Offload 85,503 BTC In 48 Hours On Friday, Santiment shared a report on Bitcoin mining wallets activity in correlation to the asset’s price. According to the analytics firm, there has been a consistent decrease in the Bitcoin collective mining balances since April 2024 indicating that miners have been gradually selling their BTC or moving funds to another wallet. However, Santiment states these mining wallets have now transferred out 85,503 BTC, valued at $8.56 billion, over the last 48 hours, which represents the largest drop in miner balances since late February prior to Bitcoin’s surge to $73,000. Generally, increased outflows from miners could indicate a bearish shift in price momentum. However, the team at Santiment postulates the recent BTC offload should be considered a net-neutral signal with no inking on Bitcoin’s price movement. This notion is based on Bitcoin miner balances showing a weak correlation with price for the majority of 2024. Moreover, non-mining whales and sharks continue to accumulate Bitcoin signaling confidence among investors in the asset’s profitability despite miner activity. Interestingly, popular crypto analyst Ali Martinez recently provided some update on this accumulation trend stating that BTC whales have acquired 20,000 BTC, valued at $2 billion, over the past 24 hours. Nevertheless, the constant decline in miner balances remains an important concern for Bitcoin investors. Aside from an ability to induce a bearish sentiment, miners transferring out BTC may draw speculations over mining profitability, which is critical to sustaining the Bitcoin network. Related Reading: As Bitcoin Trades Above $100K—Analysts Reveal What Could Be Next Bitcoin Price Overview At the time of writing, Bitcoin trades at $100,119 following a 3.67% price increase in the past 24 hours. On larger time frames, Bitcoin is equally in profit as evidenced by gains of 2.92% and 32.60% in the last seven days and 30 days, respectively. The largest digital asset is preparing to face minor resistance at $102,000 following an earlier rejection. If the market bulls are able to produce a breakout, Bitcoin maintains a prolonged price rally that began in early October. Based on previous bull cycles, the premier cryptocurrency is touted to gain by an average of 38.86% in December, with the potential to trade as high as $140,000 before 2024 runs out. Featured image from Britannica, chart from Tradingview
The founder and CEO of the on-chain analytics firm CryptoQuant has explained where the peak Bitcoin market cap lies based on the current hashrate. Bitcoin Ceiling Could Lie At This Level Based On Network Hashrate In a new post on X, CryptoQuant founder and CEO Ki Young Ju discussed a BTC pricing model that puts upper and lower bounds on the cryptocurrency’s price using the trend in the mining hashrate. The mining hashrate here refers to a metric that keeps track of the total computing power the miners have currently connected to the Bitcoin blockchain. Miners use their computing power to compete against each other to become the first to solve certain mathematical puzzles and receive the block reward as compensation. Related Reading: Chainlink May Reach New ATH If This Barrier Breaks, Analyst Says Given that BTC can’t exist without the miners or, at least, not be as secure without a decentralized network, some believe the intrinsic value of the cryptocurrency can be measured using the hashrate. After all, the Bitcoin miners have to pay constant electricity bills to host the hashrate, and they would only be willing to run as many farms as would be worth it. The chart below shows that the BTC mining hashrate has been rising recently and setting new all-time highs (ATHs). The reason behind this uptrend is the rally that the asset has been observing; price is the main variable for the revenue of these chain validators, as the block subsidy they receive in BTC naturally fluctuates with it. Speaking of the block subsidy, a feature of the BTC network is that its value is permanently slashed in half about every four years in an event called the Halving. A consequence of the Halving is that miner revenue in BTC is constantly heading down. The pricing model shared by Young Ju considers this fact by adjusting the mining hashrate. This indicator then takes the market cap’s ratio with this adjusted hashrate and determines the highest and lowest values for this ratio in the asset’s history. Here is the chart for the model that shows what values the asset’s market cap would need to attain for the ratio to become equal to either of these extremes: As displayed in the above graph, the maximum potential Bitcoin market cap based on the current value of the network’s hashrate is almost $5 trillion. The asset’s market cap is a little under $1.9 trillion, which means it’s just 38% of this upper limit. Something to note, though, is that the 2021 bull run top occurred under the top line of the model. So, it’s possible that the top for the current cycle may not touch the line, either. That said, the market cap did come closer to the peak ratio back then than it has so far in this cycle, which could at least suggest there is room left for BTC in the rally. Related Reading: Bitcoin Crashes Under $93,000: What’s Behind It? A peculiar feature in the chart’s lines is that they have some abrupt drawdowns in 2016, 2020, and 2024. These naturally correspond to the Halving events that occurred in those years and reflect their economic effect on Bitcoin mining. BTC Price At the time of writing, Bitcoin is trading at around $94,400, up more than 2% over the last seven days. Featured image from Dall-E, CryptoQuant.com, Blockchain.com chart from TradingView.com
On-chain data shows the Bitcoin Hashrate has surged to a record value as the coin’s price has continued to explore new all-time highs (ATHs). 7-Day Average Bitcoin Mining Hashrate Has Shot Up Recently The “Hashrate” refers to a metric that keeps track of the total amount of computing power that the Bitcoin miners as a […]
On-chain data shows the Bitcoin Hashrate has seen a setback recently, a potential indication that miners may not believe the asset’s run would last. Bitcoin Mining Hashrate Has Declined Since Its All-Time High The “Hashrate” refers to a metric that keeps track of the miners’ total computing power currently attached to the Bitcoin network. This indicator’s value is measured in terms of hashes per second (H/s) or the larger and more practical, terahashes per second (TH/s). Related Reading: Is $135,000 Bitcoin’s Current Ceiling? This Model Says So When the value of this metric registers an increase, it means new miners are joining the network, and old ones are expanding their farms. Such a trend implies that blockchain is a lucrative opportunity for these chain validators. On the other hand, the declining indicator suggests some miners have decided to disconnect their rigs from the network, potentially because they can’t break even anymore. Now, here is a chart that shows the trend in the 7-day average of the Bitcoin Mining Hashrate over the past year: As displayed in the above graph, the 7-day average Bitcoin Hashrate had sharply moved up earlier and set new records. However, the metric has dropped since peaking near the 755 million TH/s mark at the start of this month. The earlier uptrend in the indicator resulted from the positive price action that the asset had been enjoying, as the price is directly linked to the miners’ revenue. There are two ways that these chain validators make their income: the transaction fees and the block subsidy. The former is dependent on traffic conditions and can drastically change from day to day. The latter, on the other hand, has very specific constraints attached to it. The block subsidy remains fixed in BTC value for about four years, at the end of which an event called the Halving cuts it exactly in half. These rewards are also given out at a more or less constant rate, meaning miners’ daily block subsidy income in BTC terms always remains quite predictable. Related Reading: Dogecoin Price Down 7%, But Whales Continue To Buy However, one variable is free to change, and it’s the USD value of these rewards. Whenever the price rises, so does the block subsidy revenue of the miners. This is why the Hashrate tends to see growth in bullish periods. Bitcoin has been exploring new highs recently, but the Hashrate has interestingly stayed muted. The indicator is around 723 million, which means it has declined by more than 4% since the peak. This trend could signal that the miners expect the current rally to face an obstacle. BTC Price At the time of writing, Bitcoin is floating about $91,900, up over 8% in the last seven days. Featured image from Dall-E, Blockchain.com, chart from TradingView.com
The total market cap of the miners the bank tracks grew 33% since the end October, the report said.
Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000 mark. This milestone showcases Bitcoin’s resilience as it continues to captivate investors with its upward trajectory. The market has been buzzing with optimism as Bitcoin inches closer to new highs. However, recent on-chain data suggests that a potential pullback could be on the horizon. Related Reading: Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation Key data from CryptoQuant reveals that Bitcoin miners have sold over 3,000 BTC in the past 48 hours. This wave of miner profit-taking often signals a cooling phase, as it introduces additional supply into the market. While the selling activity is not uncommon during periods of strong price action, it could lead to a short-term consolidation phase below the all-time high of $93,400 set earlier this week. Despite this, Bitcoin’s ability to hold above $90,000 highlights strong underlying demand and robust market sentiment. Investors and analysts are closely watching the coming days to see if Bitcoin can absorb this selling pressure and maintain its bullish trajectory. Bitcoin Looks Very Strong Bitcoin’s price action has remained robust, breaking all-time highs multiple times over the past 11 days and reaffirming its bullish momentum. However, after such an aggressive upward movement, the market appears to be entering a period of consolidation as some investors and entities lock in profits. Crypto analyst Ali Martinez shared key data on X that highlights that Bitcoin miners have sold over 3,000 BTC in the past 48 hours, valued at approximately $273 million. This selling activity suggests that miners, typically long-term holders, are taking profits amid the recent surge. Such moves are common during strong bull runs and can indicate that market participants anticipate a short-term price plateau or retrace. While miner selling is a natural part of market dynamics, sustained activity of this kind could signal a shift in sentiment. If selling pressure persists, it might push Bitcoin toward lower demand zones, providing potential re-entry opportunities for sidelined investors. Related Reading: Solana About To Target $250 If It Breaks Key Supply Level – Analyst Currently, Bitcoin’s ability to absorb this selling pressure will determine whether the current bullish trend remains intact. A brief consolidation phase may be beneficial, allowing the market to establish a stronger foundation for the next leg up. For now, investors are closely watching key levels to gauge the potential for continued growth or a deeper correction. BTC Holds Steady Above $90,000 Bitcoin is currently trading at $90,600 after a volatile few days that saw its price range between its all-time high of $93,483 and a local low of $86,600. This consolidation comes after aggressive bullish momentum that set new records, leaving investors and analysts watching the next moves closely. Despite the recent cooling off, Bitcoin’s price action remains strong, supported by increasing demand and overall bullish sentiment. If Bitcoin can hold above the $86,000 level over the next few days, a renewed surge to challenge and potentially surpass its all-time high seems plausible. The market has shown resilience, with fresh demand continuing to emerge even as minor profit-taking occurs. Related Reading: XRP Breaks Above Multi-Year Resistance – Top Analyst Shares Price Target However, there is a risk of a deeper retracement. Should Bitcoin lose support at $86,000, it would likely test lower demand levels, searching for a strong base to fuel its next upward move. Key support zones could provide the foundation for renewed buying interest and set the stage for the next bullish phase. Featured image from Dall-E, chart from TradingView
Bitcoin has entered price discovery after repeatedly breaking all-time highs over the past week. The price surged an impressive 38% in under ten days, highlighting the overwhelming bullish momentum that has captivated the market. BTC is consolidating below the $93,400 mark as traders and investors anticipate its next move. Key data from CryptoQuant reveals an […]
As bitcoin climbs above $82,000, U.S. crypto equities are soaring in pre-market trading, with Semler Scientific leading with a 25% gain.