Bitcoin Bearish Signal: Miners Continue Transfers To Exchanges

On-chain data shows miners have sent a large amount of Bitcoin to spot exchanges recently, something that can be bearish for the value of the crypto. Bitcoin Miners To Spot Exchanges Flow Has Surged Up Over The Past Day As pointed out by an analyst in a CryptoQuant post, the latest spike in the miner exchange deposits is larger than any other recent peaks. The relevant indicator here is the “miners to spot exchanges flow mean,” which measures the total amount of Bitcoin being transferred by miners to spot exchanges. When the value of this metric shoots up, it means miners have just sent a large number of coins to exchanges. Since these chain validators usually deposit to spot markets for selling purposes, this kind of trend can prove to be bearish for the price of BTC. Related Reading: Bitcoin Spot Trading Volume Soars To New 2022 Highs On the other hand, the value of the indicator being low suggests there aren’t many transactions happening from miner wallets to centralized exchange wallets. Such a trend can be either neutral or bullish for the value of the coin as it implies there isn’t much selling pressure coming from this cohort right now. Now, here is a chart that shows the trend in the Bitcoin miners to spot exchanges flow mean over the last couple of weeks: The hourly value of the metric seems to have been quite high in recent days | Source: CryptoQuant As you can see in the above graph, the...