On-chain analyst Ki Young Ju has highlighted that Bitcoin (BTC) miners sent 54,000 BTC in the past three weeks to Binance. Should investors be concerned about a possible sell-off from Bitcoin miners?
As the price of Bitcoin started rallying in mid-June, the flow of Bitcoin from miners to exchanges has been rapidly increasing.
Bitcoin Flow: Miners Sent Over 65,000 BTC to Exchanges in The Past Month
Ki Young Ju highlighted on Twitter that miners had sent 54,000 BTC to Binance in the past three weeks. But there is no significant change in BTC-USD open interest. Hence, according to Ju’s opinion, there is a more likely chance of spot selling.
After BlackRock filed for the spot Bitcoin ETF, the flagship cryptocurrency’s price rallied over 20%. Eventually, Bitcoin miner-to-exchange flow also drastically increased. In the past 30 days, miners sent over 65,000 BTC to exchanges.
Bitcoin miner to exchange flow chart for the past 30 days. Source: CryptoQuant
But there are always two sides of the coin. Indeed there is an increase in the miner-to-exchange flow, but simultaneously, the exchange-to-miner flow is also increasing. The chart below shows Bitcoin’s exchange-to-miner flow.
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In the last 30 days, the total exchange-to-miner flow has been around 60,000 BTC. That makes up a netflow of around 5,000 BTC from miners to exchanges.
Bitcoin exchange to miner flow chart for the past 30 days. Source: CryptoQuant
Are Bitcoin Whales Accumulating?
The Bitcoin netflow chart shows that the BTC outflow has dominated BTC inflows in the past 30 days.
Bitcoin exchange netflow chart. Source: CryptoQuant
Moreover, the market watcher “Maartunn” shared a chart that indicates Bitcoin mega whales are making purchases. The purple line on the chart below represents wallets with a balance of BTC worth $100,000 to $1 million.
Chart indicating Bitcoin wallets with a balance of $1 million to $10 million (brown line) is accumulating. Source: Twitter
While the brown line indicates wallets with a balance of BTC in the range of $1 million to $10 million.
Maartun explained, “Purple is selling off while Brown is making purchases.”
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