A harbinger of a plunge? Miners have started to transfer a large amount of bitcoins a few days ago.

According to CryptoQuant, an on-chain data analysis platform, a large number of mining pools are transferring Bitcoin from mining pool wallets to exchanges.

In total, more than 11,372 bitcoins have been moved to wallets on various exchanges, according to CryptoQuant, which tracks bitcoin miner traffic data.

The platform contains data from up to 98% of all miners on the Bitcoin network, including Antpool, Bitclub Network, Bitfury, Bitcoin.com, BTC.com, F2pool, Okpool, Huobi, and various unknown miners.

JPMorgan Chase: The Fed's interest rate hike may trigger a plunge in cryptocurrencies: Jinse Finance reported that David Kelly, chief global strategist at JPMorgan Asset Management, said on Wednesday that as the Fed raises interest rates and ends the era of "crazy" speculation, cryptocurrencies may go further plummeted. “At some stage, I expect crypto to suffer significantly because there’s nothing there,” he said.

Investors have pulled away from riskier investments as the Federal Reserve prepares to raise interest rates multiple times in 2022 to curb inflation. Kelly believes that the recent market turmoil is not over, and digital assets are particularly dangerous because they are useless. These are illusory things that are vulnerable to rising interest rates.

The Fed’s pandemic-era stimulus has forced bond yields to ultra-low levels, prompting investors to turn to highly speculative investments such as cryptocurrencies and unprofitable tech stocks, the veteran strategist said. [2022/2/17 9:57:20]

CryptoQuant wrote: “Since yesterday, miners are shipping bitcoin in unusually high volumes and Poolin, Slush, and HaoBTC have taken bitcoin from mining wallets and sent it to exchanges.”

News | Survey: If Tether collapses, 38% of people say that the price of Bitcoin may plummet by 10%-40%: According to a poll launched by cryptocurrency analyst Alex Krüger on Twitter recently, the cryptocurrency world thinks that "if Tether collapses, BTC will What will happen" is divided. A total of 3,619 people participated in the vote, 24% of them said that Bitcoin may actually appreciate in value; 15% of people said that Bitcoin may rise first and then fall; 38% of people said that Bitcoin prices may temporarily plummet by 10%-40% ; 22% predict total disaster and possible new lows. According to the Beincrypto article, the survey conducted by Kruger shows that the industry remains divided on this issue. (Beincrypto)[2019/11/8]

CryptoQuant’s chart also shows that BTC inflows to exchanges have been peaking since Aug. 28, with the highest recorded inflow of 11,908 on Sept. 1.

Digital Currency Payments Steady Rise in Asia Despite Bitcoin Price Slump: BitPay CEO Stephen Pair said the use of digital currencies is growing in Asia despite China's regulation of digital currencies and ICOs. Bitcoin is becoming more and more popular in the Asia-Pacific region, and its cross-border payment has great potential. Using the Bitcoin network, merchants pay less in one day than traditional banks. [2018/4/11]

CryptoQuant tracks the flow of BTC between miner wallets and exchanges to assess investor behavior and potential impact on BTC price. More money flowing into exchanges usually indicates that miners are stepping up liquidations, which can increase selling pressure and drive down prices.

Likewise, if miners withdraw their bitcoins from exchanges, it would signal a plan to hold the asset for the long term, which would lead to increased buying momentum in the market and a higher bitcoin price.

A recent data update from Weiss Ratings shows that since August, miners accounted for 23% of total reward profits due to increased network activity and network fees.

“Bitcoin miners saw their revenue increase by 23% in August, which is good for them, but still trails the gains of ethereum miners, where high gas fees have become a significant issue hindering user adoption.”

When the market rises, the cost of making transactions on the Bitcoin network increases as more people are willing to pay higher fees to allow miners to process transactions faster.

According to data from ByteTree, miners sold 1,380 BTC in the past 24 hours, but only actually produced 813 BTC, which reduced their net inventory by 567 BTC. They also kept the miners rolling inventory (MRI) at 169.83%, well above 100%.

An MRI below 100 usually means miners are selling more than they are mining, while a high MRI indicates they are accumulating more Bitcoin.

Charlie Morris, founder and chairman of ByteTree, said that a high MRI is a bullish signal that speaks volumes about miner sentiment and the strength of the Bitcoin market. Miners tend to HODL in weak markets and are only willing to sell if they think the market is well supported.

However, the current state of BTC does not inspire confidence in a bullish market despite the continued bullish sentiment of many prominent analysts.

At the time of writing, Bitcoin has fallen from $12,000 to over $1,100 in the past 24 hours, trading 2.21% lower at $10,892, just above the critical support of $11,100 to $11,200.

The original text comes from zycrypto, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

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