Bitcoin (BTC) miners have suddenly begun offloading their BTC holdings to crypto exchanges, signaling a potential reversal of months of upward price momentum.
Per a Sunday post from SignalQuant – an author for Bitcoin analytics firm CryptoQuant – paying attention to short-term miner behavior may be necessary for “wise investment.”
The Meaning Of Miner Deposits
Miners are the first recipients of all new BTC issued by the Bitcoin network, as well as all transaction fees paid by users. As such, they are the ultimate dictators of whether new coins enter the market’s circulating supply, or remain dormant.
“Miners have historically been one of the largest whales, and when they deposit big amounts of BTC to exchanges, the price experiences significant downward pressure,” wrote SignalQuant in his analysis.
CryptoQuant voters unanimously voted for miners’ sale of coins as a bearish indicator.
BTC Price VS Miner Deposits. Source: CryptoQuant
The analyst referenced mid-May of 2023
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