On-chain shows Bitcoin miner outflows have been elevated recently, suggesting miners were involved in the recent selloff that took the price of the crypto below $42k.
Bitcoin Miner Outflows Spiked Up Before The Crash Below $42k
As pointed out by an analyst in a CryptoQuant post, BTC miners seem to have been one of the sellers behind the price drop to $42k.
The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin exiting wallets of all miners.
When the value of this metric spikes up, it means miners are moving a large number of coins out of their wallets right now. Such a trend can be bearish for the price of the crypto as it may be a sign of dumping from these original whales.
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On the other hand, low values of these outflows suggest a normal or healthy amount of selling from miner ..
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