Bitcoin miners get 7,000 BTC inflow
The on-chain data reveals that Bitcoin miners have recently received a net inflow of about 7,000 BTC. This could have some implications for the asset. According to a CryptoQuant post, Poolin mining pool seems to have been responsible for most of the recent inflows. The “miner netflow” measures the net amount of Bitcoin entering or exiting the wallets of all miners. If the value of this indicator is positive, these miners are currently depositing a net number of coins into their addresses, indicating that they are accumulating. This trend can be bullish for the price. Conversely, values of the metric below zero imply that this group is taking coins out of their wallets, which can be bearish for the asset.
There is a chart that displays the trend in the Bitcoin miner netflow over the past year and a half. The graph shows that the Bitcoin miner netflow has observed a pretty large positive spike during the last day or so. With this sharp rise in the indicator, the miners have received 7,000 BTC in their wallets. This is quite an extraordinary amount, as no other spike has come close during the last one and a half years. If these net inflows indicate that the miners have been buying, the cryptocurrency could feel a bullish boost. However, it’s important to note that having such a large influx of BTC into miners’ wallets does not necessarily guarantee a bullish movement in the price of Bitcoin. Similar situations have occurred in the past where there were significant inflows into miners’ wallets, but the price of Bitcoin subsequently declined.
It’s worth noting that 99% of these net flows seem to have involved just one mining pool in the sector: Poolin. Since the net Bitcoin inflows are mostly to the wallets of this mining pool, it’s unlikely that they represent the sentiment among the wider mining industry, regardless of whether they are a sign of buying or not.
At the time of writing, Bitcoin is trading around $27,800, up 2% in the last week.