On-Chain Data Analysis: Can Bitcoin Recovery in Short Term?
@officialpoolin Miners withdrew 8.2K BTC last 1 month from 24.2K BTC to 16K BTC bringing the total withdrawn to 11.7K BTC over last 3 months after accumulating continuously for more than 1 year from Nov 2021 until Aug 2022.
@officialpoolin Specifically, when BTC sideway in the range from 18.5K to 23K, miners withdrew 5.4K BTC from Poolin and recently when BTC crashed to 15.5K and sideway they continued to withdraw more than 8K BTC.
@officialpoolin A special feature is that these withdrawals also coincide with the times when miners transfer large amounts of BTC to the exchange.
@officialpoolin Perhaps they are forced to sell a large amount of BTC they are holding and maybe more than the amount of BTC they have mined during this time to maintain their operations.
@officialpoolin Mining difficulty remains at ATH, showing that miners can still survive, but the selling pressure of miners in the near future may increase.
@officialpoolin Besides miners who are selling, Long term holders have continued to sell and cut losses during the past time.
@officialpoolin The wallets that transferred BTC to the exchange in the past 1 month were mainly groups with 10 BTC to 1K BTC accounting for the majority.
@officialpoolin It is interesting that in the past 1 month when BTC reached the lowest price, the amount of BTC in the wallet with 1K ~ 10K BTC and more than 10K BTC reached the highest value and gradually decreased when the BTC price recovered again.
@officialpoolin In my opinion, in the coming time, if BTC can recover, it will be difficult to recover strongly because selling pressure is still a lot and macro factors are still quite bad for the financial market in general. so money will not flow into risky assets like Crypto.
@officialpoolin This can be clearly when DXY index fell from 114 to 104 but BTC and the Crypto market did not show any strong recovery (In stark contrast to other stock indexes such as DJI, SPX or NYA).This post is based on this twitter thread.