It’s been about ten days since halving, and
- a hearing in may
- market for bitcoin options
- facebook’s calibra launch
- global monetary system
- refund $190 million user’s funds
- cited the government shutdown
- was conceived of
- bitcoin cash price index
- expressed concern about price speculation
- received initial approval
is struggling to return above $10,000 due to a new wave of sales by miners.
According to data collected by the CryptoQuant platform, the outbound Bitcoins from mining pools have increased by 600% in the last five days: from 1,066 BTC to 7,426 BTC.
BTC miners sell for $10,000
An increase similar to that recorded in the week before halving, when miners‘ outflows increased from BTC 2,100 to almost BTC 5,000.
CryptoQuant data seems to confirm the correlation between increased sales by the miners and lower Bitcoin prices. In particular, sales in the week prior to halving coincided with a pre-halving slump of more than $1,200. Also this week we saw negative performance: from $9,950 to $9,340.
Sustained sales by miners could have a bearish effect on Bitcoin’s growth, which would struggle to return to a five-figure value.
BTC outflows from mining pools
Exchange reserves down sharply
The exchange data is also worrying.
According to CryptoQuant, the total amount of Bitcoin held by the exchanges has decreased significantly following the March 12 crash, but this value continued to fall even when the cryptocurrency price recovered.
This Wednesday, the 17 largest cryptocurrency exchanges in the world held a total of BTC 1.18 million, the lowest value since November 2018. At the time, the price of the BTC/USD pair was only $3,100.