Bitcoin Miners’ Exchange Flow Rises To Seven-Month High Amid Bloodbath

Bitcoin Miners’ Exchange Flow Rises To Seven-Month High Amid Bloodbath

Bitcoin mining profitability has plummeted by more than 75% from the market peak, and is now at its lowest level since October 2020.


Bitcoin Price Plummets Further

Bitcoin’s price plummeted to a 52-week low of $20,800 on Wednesday, down from an all-time high of $68,788 by more than 70%. Despite the fact that the price has already returned above $21,000, important market indications indicate that bears still have a strong grip on the current market.


The Bitcoin Miners to Exchange Flow, a metric that measures the amount of BTC transferred from miners to crypto exchanges, hit a seven-month high of 9,476. The increase in exchange flows suggests that miners are selling their BTC in anticipation of a price drop.



BTC miners'exchange flow. Source: Glassnode.

Related article | Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market


Miners Actions Signals Market Sentiment

BTC miners’ activities often mirror broader market sentiment, as they typically sell BTC to avoid losing money on their mining payouts. The large drop in m ..

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