The price of Bitcoin (BTC) seems unable to recover the $10,000 due to a new wave of sales by the miners, suggesting new statistics 10 days after the halving.
The CryptoQuant monitoring platform collected figures showing that in the last five days, outflows from BTC mining groups increased by 600%, from 1,066 BTC to 7,426 BTC on May 20.
Miners‘ earnings are falling, but this has always coincided with a rise in the price of Bitcoin
The miners sell for $10,000
The change mimics what was seen in the week before the halving on May 11, when miner outflows rose from about 2,100 BTC to a peak of nearly 5,000 BTC on May 10.
CryptoQuant data also confirm a correlation between the increase in mine sales and the decrease in the price of Bitcoin.
Sales in the week prior to halving coincided with the „pre-halving drop“ in Bitcoin price by more than $1,200, while this week also saw a negative price performance: from $9,950 on May 18 to $9,340.
5/20 price analysis: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA
Sustained unloading would have a negative effect on the price increase, slowing the upward trend to keep the most avaricious markets at five figures.
Bitcoin mining pool outflows 1-year chart
BTC reserves continue to fall dramatically
Beyond the outflows, the exchanges are changing. According to The News Spy – Immediate Edge – Bitcoin Evolution – Bitcoin Code – Bitcoin Billionaire – Bitcoin Circuit – Bitcoin Era – Bitcoin Revolution – Bitcoin Trader – Bitcoin Profit, the total reserves of the exchanges plummeted on 12 March during the collapse of Bitcoin, and continued to fall as the price recovered.
As of Wednesday, reserves at 17 major exchanges totaled 1.18 million BTC, the lowest value since November 2018. At that time, BTC/USD was trading near its lows of $3,100.
Bitcoin price falls 5% after rejecting key resistance of $9,900
Bitcoin exchange reserves 2-year chart
The lack of interest in Bitcoin trading gives clear signals about market sentiment, but the change in correlation with price performance contradicts previous behavior.