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Miner Selling Pressure Declines, Could Fuel Bitcoin Rally, Blockchain Analysis Shows
Miner outflows have slowed since January. The last time this happened, bitcoin went parabolic.
Updated Sep 14, 2021, 12:25 p.m. Published Mar 12, 2021, 3:11 p.m.
Selling pressure on bitcoin (BTC) miners has been declining after a major sell-off in January. This could be a positive thing for bitcoin, seen as a “catalyst for prices to float higher,” according to a report by Stack Funds, a provider of cryptocurrency index funds in Asia.
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- Miners' seven-day outflows are at the lowest level in five years, currently trading around the 1.0 level, according to CryptoQuant, a South Korean cryptocurrency data firm.
- The last time the miner outflow indicator dipped to current levels was back in 2015 when “bitcoin went on a parabolic rise that lasted more than two years,” according to Stack Funds.
- The breakdown in the outflow indicator suggests miner selling pressure will continue to remain low.
- “Overall, most fundamental indicators suggest miners are back into accumulating, and we expect $50,000 to be a strong support handle for bitcoin in the near term,” according to Stack Funds.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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