Another metric for knowing whether miners are selling or not is the Bitcoin all miners to all exchanges flow mean indicator. Here is the chart for it:
BTC miner to exchanges flow mean seems to be on the rise
The above graph makes it clear that the value of this indicator has been on the rise for sometime now, and 20 July also saw a spike.
The all miners to all exchanges flow mean showcases how the average transaction from miners to exchanges looks like. For 20 July, this value was just over 80 BTC, less than the 98 BTC spike seen just a few days back.
Though there are two things to consider regarding these miner metrics. The first is that many mining pools don’t believe that data like this is authentic.
The second is that due to China’s crackdowns on Bitcoin mining, the world hashrate took a nosedive. Now, miners have started relocating and restarting their operations in other countries. This would undoubtedly result in a change in these metrics as well.
At the time of writing, BTC’s price floats around $32.5k, down 0.5% in the last 7 days.
Below is a chart showing the trend in the price of Bitcoin over the past 6 months.
BTC seems to be going up after a dip below $30k | Source: BTCUSD on TradingView
After a crash below $30k, Bitcoin has started to climb back up quickly. It remains to be seen if the coin can continue this trend and finally break past $35k, or if it’s going to be stuck in the same range as before again.
Featured image from Pexels.com, charts from CryptoQuant, TradingView.com