Coinspeaker Bitcoin Miner Exchange Deposits Surge to $4 Billion as BTC Price Flirts at $90,000
Within just three days since November 12, Bitcoin miners have moved a total of 45,000 BTC to exchanges just as BTC price BTC $89 885 24h volatility: 1.0% Market cap: $1.78 T Vol. 24h: $96.86 B touched a new all-time high above $90,000.
As per the on-chain data from CryptoQuant, Bitcoin miners collectively moved 24,138 BTC on November 12. This was the first major move from this cohort and the second-largest daily outflow from miners this year.
However, on the next day as the BTC rallied all the way past $93,000 levels, the miners moved an additional 15,840 BTC to exchanges. The trend continued further on November 14, with miners shifting another 5,500 BTC to exchanges. As a result, Bitcoin miners have transferred a total of 45,000 BTC cumulative in the last three days.
Courtesy: CryptoQuant
Large transfers to exchanges are often viewed as a sign that miners may intend to sell, potentially capitalizing on the recent price surge. Notably, this surge in transfers coincided with a slight correction in Bitcoin’s price, which briefly dropped below $90,000 and is now trading around $87,000.
However, such outflows don’t always indicate selling activity. Miners sometimes move Bitcoin to external addresses for operational purposes, and in some cases, these transactions may simply involve internal wallet reorganizations.
Other Factors Leading to BTC Price Drop
Apart from just Bitcoin miner sell-off, there are other factors as well leading to a BTC price sell-off. For example, the current US inflation data shows a spike in the number that would likely arrest the future Fed rate cuts moving ahead. This could probably also delay the future BTC rally.
Apart from Bitcoin miners, the whale deposits to crypto exchanges have also surged. A whale recently deposited 1,920 BTC, valued at approximately $169 million, to Binance just one hour ago, according to Lookonchain data. Over the past three days, the same whale has deposited a total of 4,060 BTC, worth around $361 million, to the exchange.
A whale deposited 1,920 $BTC($169M) to #Binance 1 hour ago.
The whale has deposited a total of 4,060 $BTC($361M) to #Binance in the past 3 days.https://t.co/8D2y9MbfFn pic.twitter.com/6NlWDPKoVx
— Lookonchain (@lookonchain) November 15, 2024
In a recent post on X, Ali Martinez highlighted that $5.42 billion in Bitcoin profits were realized as the price surged. This increase also brought the sell-side risk ratio to 0.524%, signaling caution for investors. Additionally, the Bitcoin RSI also shows that the asset is currently in the overbought conditions.
The daily RSI shows #Bitcoin $BTC is in overbought territory, typically signaling a potential price correction ahead! pic.twitter.com/61k7MXDZia
— Ali (@ali_charts) November 14, 2024
Apart from this, the spot Bitcoin ETFs registered a staggering $400 million outflows on Thursday, November 14. This happened after days of strong inflows into the investment products following the Donald Trump victory on November 5.
While BlackRock’s Bitcoin ETF (IBIT) has seen an influx of $126.5 million, other funds like Fidelity’s FBTC and Ark Invest’s ARKB have experienced $100 million outflows each.
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Bitcoin Miner Exchange Deposits Surge to $4 Billion as BTC Price Flirts at $90,000
