BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

Bitcoin Miner Netflows Hit Monthly Lows, Hinting at Market Recovery

by Dan K
May 23, 2023 - 5:00 pm
in Bitcoin, Sticky
Graph illustrating the record earnings of Bitcoin miners in March, before the halving event

Bitcoin Miner Netflows Reach Monthly Low Amid Recovery Efforts

The Bitcoin (BTC) miner netflows volume has plummeted to -$75,270, marking the lowest point in the past month. This decrease suggests miners are refraining from selling their BTC, demonstrating their belief in an impending Bitcoin recovery as the broader crypto market slips into the green territory.

Unpacking The Data: Insights From Santiment

The development was highlighted by behavior analytics resource Santiment in a recent tweet. Data from the Santiment chart shows that miner outflows remained relatively stable following a massive decline observed in mid-March. The metric has continued to fluctuate since then.

Crypto Market’s Perceived Recovery and Its Impact on Miner Behavior

The recent drop comes from a perceived recovery campaign in the crypto market. Notably, most crypto assets are in the green, with BTC and Ether (ETH) respectively registering gains of up to 1.87% and 2.21% in the past 24 hours. The behavior of BTC miners, who hold a substantial market share, suggests an uptick in bullish sentiments.

Miners Holding On To Bitcoin: A Bullish Sign?

The reluctance to sell their Bitcoin amidst the market-wide recovery is triggered by anticipation of bullish movements in the coming weeks. In turn, the positive market sentiment and increased profitability for miners could provide a strong foundation for Bitcoin’s upward trajectory.

Bitcoin’s Market Condition: Sideways Movement and Its Implications

Meanwhile, the BTC market is observing a dull period, with prices consolidating around the $27,000 region for several weeks. Technical analysis suggests that an imminent breakout could follow this consolidation.

However, investors remain cautious and uncertain of the asset’s trajectory due to the prevalent sideways movement. This sideways trend signifies a conflict between the bulls and the bears as each group battles to determine the next price direction.

Bitcoin’s Current Trading Scenario and The Road Ahead

Meanwhile, BTC is trading for $27,299 at the time of reporting, trading flat in the past week. Following a 1.31% decline on May 21, the asset is looking to register two consecutive intraday wins by today’s close. BTC needs to flip the $27,500 territory to support having a go at $28,000. The impending movements will undoubtedly be pivotal in determining Bitcoin’s trajectory in the coming weeks.

Tags: BitcoinBitcoinMiningCryptocurrencyMarket
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

PYTH token price soars as Trump administration selects blockchain oracles for economic data

Crypto Daily: UK Finance Tokenized Deposits Pilot, BlackRock Bitcoin Yield ETF, Hashdex Expands Crypto Index

September 26, 2025

UK Finance pilots tokenized sterling deposits, BlackRock files Bitcoin Premium Income ETF, and Hashdex expands crypto ETF with...

Ethereum and Bitcoin logos representing their fee incomes over the past year.

SharpLink to Tokenize Nasdaq-Listed SBET Shares on Ethereum

September 25, 2025

SharpLink partners with Superstate to tokenize SBET shares on Ethereum, aiming to pioneer compliant equity issuance and future...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service