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Data on the chain show that Bitcoin miners are still making huge deposits to be replaced, which can be bears at the BTC price.
Bitcoin Miner Exchange Netflow saw positive spikes
In modern post WX Cryptoquant author IT Tech discussed the latest trend of Górnik Bitcoin to exchange flow vs. replacements for miner flow record. This indicator, as its name suggests, is carried out by Netflow between the portfolio associated with Górnik and centralized exchanges.
When the value of this record is positive, it means that miners will deposit the number of tokens to these platforms. In general, these chain validators move to the stock exchanges as soon as they want to sell, so this type of trend can have a bear influence on the price of assets.
On the other hand, the indicator with a negative value implies outflow of miners’ exchange prevails over the influx of exchange of miners. Such a trend suggests that this Kohort can be collected, which can of course be stubborn for BTC.
Now there is a chart that shows the trend of Górnik Bitcoin to exchange flow vs. Exchange to Miner Flow over the past year:
As shown in the graph above, the indicator registers significant positive values since the Bull Rally from the last few months of 2024, which means that miners have deposited huge on these platforms.
During this period, the record also meant some net outflows, but their scale was much smaller compared to the net influx. Considering that the deposits began when it began, it seems likely that the motivation behind them was for the purposes of raising profits.
Recently, however, stubborn rush is associated with the time of renewal and the price of BTC has dropped, but the influx of miners continued. It is possible that this group is now just panic of sales, for fear of bearings.
Miners are entities that regularly participate in distribution, due to the fact that they have constant current costs in the form of electricity bills that they must somehow pay off. Usually, this sales are not a scale that the market cannot be absorbed, so it does not have a major effect on bitcoins.
However, in periods when the sale of miners is significant, BTC may actually suffer from a bear. Compared to the rally last year, the influx of miners is currently lower, but they are still noteworthy. “If mining sales accelerate, it can introduce short -term variability to the market,” notes the analyst.
Now it will turn out what Bitcoin miners would do and whether their potential sales would have any impact on the resource or not.
BTC price
At the time of writing, Bitcoin floats by about USD 83,400, which is an boost of almost 6% in the last seven days.
Recommended photo from Dall-E, Cryptoquant.com, Chart from TradingView.com
