{"id":322122,"date":"2023-06-22T12:00:19","date_gmt":"2023-06-22T06:30:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=322122"},"modified":"2023-06-21T23:44:18","modified_gmt":"2023-06-21T18:14:18","slug":"can-btcs-recovery-put-a-halt-to-this-miner-trend-assessing","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-btcs-recovery-put-a-halt-to-this-miner-trend-assessing\/","title":{"rendered":"Can BTC&#8217;s recovery put a halt to this miner trend? Assessing&#8230;"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">BTC\u2019s miners\u2019 inflow registered an increase when mining costs went up\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin\u2019s price increased by more than 8% in the last 24 hours, and a few metrics were bullish\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><span style=\"font-weight: 400;\"> price remained under the $28,000 mark for multiple weeks, which impacted miners&#8217; revenue. As per the last analysis, miners had to sell their BTC holdings to make ends meet. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the scenario as of 21 June was changing as BTC was witnessing a price pump. But will this uptrend be enough to change miners\u2019 mindsets in the coming days?\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the<\/span> <span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/span><\/p>\n<hr \/>\n<h3><strong>Why are the miners selling?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">SignalQuant, an author and analyst at CryptoQuant, recently posted an<\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64927a65e926de4bebe75149-Miners-remain-under-pressure-to-sell-their-stakes\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> highlighting that miners were selling their assets. As per the analysis, miners have increased their BTC inflow to exchanges. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This situation emerged because of the drop in BTC\u2019s price over the last few weeks. Bitcoin\u2019s price plummet resulted in an increase in mining costs. Therefore, to keep their operations going, miners were forced to sell their<\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-whale-accumulation-raises-hopes-of-bull-rally\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> holdings.\u00a0 <\/span><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<figure id=\"attachment_322123\" aria-describedby=\"caption-attachment-322123\" style=\"width: 785px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-1-2.jpg\"><img decoding=\"async\" class=\"wp-image-322123 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-1-2.jpg\" alt=\"\" width=\"785\" height=\"718\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-1-2.jpg 785w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-1-2-300x274.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-1-2-768x702.jpg 768w\" sizes=\"(max-width: 785px) 100vw, 785px\" \/><\/a><figcaption id=\"caption-attachment-322123\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The price plummet not only caused an increase in mining costs, but miners\u2019 revenue also declined. This was evident from Glassnode\u2019s chart, which pointed out a decline in the metric since the beginning of May 2023. <\/span><\/p>\n<figure id=\"attachment_322124\" aria-describedby=\"caption-attachment-322124\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2.png\"><img decoding=\"async\" class=\"wp-image-322124 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-2-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-322124\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h3><strong>Bitcoin\u2019s latest uptrend looks promising<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">While miners increased selling pressure on<\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-dominance-reaches-50-for-first-time-in-2-years\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">, the coin\u2019s price recently went the other way as it registered gains. According to<\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, in the last 24 hours alone, BTC\u2019s price shot up by more than 8%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, Bitcoin crossed the $28,000 mark and was trading at $28,966 with a market capitalization of over $562 billion.<\/span><\/p>\n<figure id=\"attachment_322126\" aria-describedby=\"caption-attachment-322126\" style=\"width: 1161px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC_1D_graph_coinmarketcap.jpeg\"><img decoding=\"async\" class=\"wp-image-322126 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC_1D_graph_coinmarketcap.jpeg\" alt=\"\" width=\"1161\" height=\"495\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC_1D_graph_coinmarketcap.jpeg 1161w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC_1D_graph_coinmarketcap-300x128.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC_1D_graph_coinmarketcap-1024x437.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC_1D_graph_coinmarketcap-768x327.jpeg 768w\" sizes=\"(max-width: 1161px) 100vw, 1161px\" \/><\/a><figcaption id=\"caption-attachment-322126\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The increase in BTC\u2019s price can have a positive impact on the coin\u2019s mining industry. It can increase miners\u2019 profits, which can then change miners\u2019 motives for selling BTC. Such an incident could result in a further surge in BTC&#8217;s price over the coming days.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h3><strong>Is BTC&#8217;s bull rally here to last?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">A look at Bitcoin\u2019s on-chain metrics gave an idea of what its near-term future might look like. For example, BTC\u2019s exchange reserve was<\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">declining.<\/span><\/a><span style=\"font-weight: 400;\"> This suggested that the coin was not under selling pressure.<\/span><\/p>\n<p>Furthermore, <a href=\"http:\/\/ambcrypto.com\/what-bitcoins-falling-volatility-says-about-investor-sentiment\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s binary CDD was green, meaning that long-term holders&#8217; movements in the last seven days were lower than the average. However, its taker buy\/sell ratio was red. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The metric revealed that selling pressure was dominant in the market. In addition to that, despite the recent price pump, miners continued to sell their assets, as evident from the Miners\u2019 Position Index (MPI).\u00a0<\/span><\/p>\n<figure id=\"attachment_322127\" aria-describedby=\"caption-attachment-322127\" style=\"width: 542px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-2-2.jpg\"><img decoding=\"async\" class=\"wp-image-322127 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-2-2.jpg\" alt=\"\" width=\"542\" height=\"360\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-2-2.jpg 542w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/CryptoQuant-2-2-300x199.jpg 300w\" sizes=\"(max-width: 542px) 100vw, 542px\" \/><\/a><figcaption id=\"caption-attachment-322127\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As of 21 June, BTC was experiencing a positive change as its price was witnessing some bullish action. However, what was alarming was that BTC miners were moving their BTC to exchanges.<\/p>\n","protected":false},"author":75,"featured_media":322128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-322122","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can BTC&#039;s recovery put a halt to this miner trend? 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