{"id":401365,"date":"2024-06-22T23:30:47","date_gmt":"2024-06-22T18:00:47","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=401365"},"modified":"2024-06-22T14:43:38","modified_gmt":"2024-06-22T09:13:38","slug":"identifying-why-bitcoin-miner-reserves-hit-117-billion-and-what-it-means","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/identifying-why-bitcoin-miner-reserves-hit-117-billion-and-what-it-means\/","title":{"rendered":"Identifying why Bitcoin miner reserves hit $117 billion and what it means"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC miners have sent fewer coins to exchanges over the past few weeks<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">According to a CryptoQuant analyst, they may be waiting for the coin\u2019s price to rally to sell at a profit<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin\u2019s [BTC]<\/a> miner-to-exchange activity has declined over the past few weeks, despite the spike in the amount of coins held in miners\u2019 wallets on the network. This was one of the <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6675d21393c300737814a9c1-Bitcoin-Miner-Reserves-Surge-Amid-Market-Turbulence-Potential-Future-Selling-Pre\" target=\"_blank\" rel=\"noopener\">findings<\/a> of pseudonymous CryptoQuant analyst The Kriptolik<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the analyst, BTC miner reserves have climbed to a two-week high too. This represents the amount of coins held in affiliated miners&#8217; wallets. Its value indicates the reserves that miners are yet to sell. At the time of writing, these had a value $117 billion at prevailing market prices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTC\u2019s ongoing poor price performance has led to a trend of miners refraining from offloading a significant amount of their coin holdings on exchanges. Kriptolik also noted,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;Despite miner reserves reaching the highest level in the last two weeks, miners are not sending significant amounts of BTC to exchanges to sell, instead opting to accumulate due to the decline in BTC price.&#8221;<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Assessed using a 30-day moving average, the BTC Miner to Exchange Flow has declined by 11% since the beginning of June. This metric tracks the amount of BTC that miners are transferring from their mining wallets to cryptocurrency exchanges for onward sales.<\/span><\/p>\n<figure id=\"attachment_401369\" aria-describedby=\"caption-attachment-401369\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30.png\"><img decoding=\"async\" class=\"wp-image-401369 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30.png\" alt=\"Bitcoin Exchange to Miner Flow (Total) - All Exchanges, All Miners (SMA 30)\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Exchange-to-Miner-Flow-Total-All-Exchanges-All-Miners-SMA-30-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-401369\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This trend suggests that BTC miners may be waiting for a price surge, after which they will send their coin holdings to exchanges for profit. In fact, the analyst went on to say,\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;This indicates that there could be selling pressure from miners during a future Bitcoin uptrend.&#8221;<\/span><\/p><\/blockquote>\n<h2><b>BTC at risk of further decline<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">At press time, BTC was valued at $64,403. On a downtrend since 7 June, the king coin\u2019s price has trended within a descending channel on the charts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its key momentum indicators were positioned below their respective center lines at press time. BTC\u2019s Relative Strength Index (RSI) was 37.81, while its Money Flow Index (MFI) was 34.89.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At these values, these indicators revealed that BTC distribution outweighed accumulation among market participants.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Confirming the bearish bias towards the leading asset, BTC\u2019s Elder-Ray Index returned a negative value at press time. In fact, its value has been negative since the downtrend began on 7 June.<\/span><\/p>\n<figure id=\"attachment_401366\" aria-describedby=\"caption-attachment-401366\" style=\"width: 2352px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17.png\"><img decoding=\"async\" class=\"wp-image-401366 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17.png\" alt=\"BTC 1-Day Chart\" width=\"2352\" height=\"1342\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17.png 2352w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17-1024x584.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17-768x438.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17-1536x876.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17-2048x1169.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-17-1200x685.png 1200w\" sizes=\"(max-width: 2352px) 100vw, 2352px\" \/><\/a><figcaption id=\"caption-attachment-401366\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This indicator measures the relationship between the strength of buyers and sellers in the market. When its value is negative, bear power dominates the market.\u00a0<\/span><\/p>\n<figure id=\"attachment_401367\" aria-describedby=\"caption-attachment-401367\" style=\"width: 2352px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02.png\"><img decoding=\"async\" class=\"wp-image-401367 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02.png\" alt=\"BTC 1-Day Chart\" width=\"2352\" height=\"1342\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02.png 2352w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02-1024x584.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02-768x438.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02-1536x876.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02-2048x1169.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-22_08-41-02-1200x685.png 1200w\" sizes=\"(max-width: 2352px) 100vw, 2352px\" \/><\/a><figcaption id=\"caption-attachment-401367\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If the downtrend intensifies on the charts, BTC\u2019s price might plunge to $63,382.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Miners still have a major say in where Bitcoin&#8217;s price will go on the charts. <\/p>\n","protected":false},"author":64,"featured_media":401368,"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":[6427],"class_list":["post-401365","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","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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