• Bitcoin miners have started reducing their exposure to the king coin.
• BTC has been struggling to reach $50,000 for quite some time now.

With Bitcoin’s [BTC] price facing significant resistance at the $44,000 price level, miners on the network have reduced their exposure towards the tail end of 2023.

An assessment of BTC’s Miner to Exchange Flow on a 30-day moving average revealed a 60% uptick in the last month. 

Bitcoin miners move away?

The Miner to Exchange Flow metric measures the amount of BTC that is flowing from miners to exchanges. When this metric rallies, miners sell more BTC than they are mining.

This is a sign that miners are bearish on the price of BTC and are mostly interested in selling their holdings. 

Also, BTC’s Miner Reserve, which measures the number of coins held in affiliated miners’ wallets, confirmed coin exits from miners’ wallets within the period under review.

In the last 30 days, this metric has declined by 1%, according to data from CryptoQuant. 

Though miners reducing their exposure can ring alarm bells for some investors, there could be more trouble in store.

As per CryptoQuant analyst Simona D, a spike in Bitcoin’s Unspent Transaction Outputs (UTXOs) in profit puts it at risk of a sharp correction in 2024.  

BTC UTXO is a metric that tracks the amount

Go to Source to See Full Article
Author: Abiodun Oladokun

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