{"id":38836,"date":"2021-03-12T16:34:36","date_gmt":"2021-03-12T14:34:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38836"},"modified":"2025-08-30T06:36:31","modified_gmt":"2025-08-30T03:36:31","slug":"analyst-forecasts-rise-in-miners-bitcoin-sales","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analyst-forecasts-rise-in-miners-bitcoin-sales\/","title":{"rendered":"Analyst forecasts rise in miners&#8217; bitcoin sales"},"content":{"rendered":"<p>Miners may soon start selling bitcoins to lock in profits, according to analyst Philip Swift.<!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">1\/ Do miners still have the power to dump the price of <a href=\\\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$BTC<\/a> in a world where daily mined bitcoin is likely a lot smaller than institutional buying? Discuss.<\/p>\n<p>The Puell Multiple, which looks at miner rev today vs. historical norms is approaching the overbought red band\u2026 <a href=\\\"https:\/\/t.co\/ZZAY9R9tdO\\\">pic.twitter.com\/ZZAY9R9tdO<\/a><\/p>\n<p>\u2014 Philip Swift (@PositiveCrypto) <a href=\\\"https:\/\/twitter.com\/PositiveCrypto\/status\/1370049018215157765?ref_src=twsrc%5Etfw\\\">March 11, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In his forecast, the expert cites the Puell Multiple indicator, created by market analyst David Puell. The indicator is calculated as the ratio of the dollar value of newly mined bitcoins to annual averages and reflects the most profitable periods for selling the first cryptocurrency.<\/p>\n<p>According to Swift, historically when the indicator reaches the red zone, it coincides with price tops for Bitcoin. The current reading is at its highest level since the end of 2017.<\/p>\n<blockquote>\n<p>\u201cPuell Multiple, reflecting miners&#8217; current earnings relative to the historical norm, is approaching an overbought level,\u201d the expert wrote.<\/p>\n<\/blockquote>\n<p>Institutional investors, who entered the market during the 2021 bull run, could absorb the new supply.<\/p>\n<blockquote>\n<p>\u201cWill miners be able to push down Bitcoin\u2019s price if the number of coins mined per day is likely significantly lower than institutional purchases?\u201d asks Swift.<\/p>\n<\/blockquote>\n<p>In a comment under his tweet, analyst Cole Garner reminded that in the two most recent cases, miners&#8217; sell-offs of Bitcoin coincided with price declines.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Can miners still dump price? I\u2019ll just leave this chart here. <a href=\\\"https:\/\/t.co\/nIo0OK0gHN\\\">pic.twitter.com\/nIo0OK0gHN<\/a><\/p>\n<p>\u2014 Cole Garner (@ColeGarnerXBT) <a href=\\\"https:\/\/twitter.com\/ColeGarnerXBT\/status\/1370078455006593025?ref_src=twsrc%5Etfw\\\">March 11, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote>\n<p>\u201cJudging by the chart, miners are either very effectively driving down Bitcoin&#8217;s price, or they know exactly when to sell the coins,\u201d Garner added.<\/p>\n<\/blockquote>\n<p>Overall, miners&#8217; selling pressure now is far lower than in previous years, according to a Stack Funds report cited by Cointelegraph.<\/p>\n<p>According to them, the seven-day outflow from mining pools is at its lowest since 2016. Back then, miner sales fell below long-term support, and 2017 saw Bitcoin&#8217;s price surge to $20,000.<\/p>\n<div id=\\\"attachment_127782\\\" style=\\\"width: 1022px\\\" class=\\\"wp-caption alignnone\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" aria-describedby=\\\"caption-attachment-127782\\\" class=\\\"size-full wp-image-127782\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/ezgif-1-7b7cb4c44835.jpg\\\" alt=\\\"Analyst forecasts growth in miners' bitcoin sales\\\" width=\\\"1012\\\" height=\\\"539\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/ezgif-1-7b7cb4c44835.jpg 1012w, https:\/\/u1f987.com\/wp-content\/uploads\/ezgif-1-7b7cb4c44835-300x160.jpg 300w, https:\/\/u1f987.com\/wp-content\/uploads\/ezgif-1-7b7cb4c44835-768x409.jpg 768w\\\" sizes=\\\"auto, (max-width: 1012px) 100vw, 1012px\\\" \/><\/p>\n<p id=\\\"caption-attachment-127782\\\" class=\\\"wp-caption-text\\\">Data: Stack Funds.<\/p>\n<\/div>\n<blockquote>\n<p>\u201c\u0417\u0430 \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0438\u0439 \u0433\u043e\u0434 \u043f\u0430\u0434\u0435\u043d\u0438\u0435 \u043f\u0440\u043e\u0438\u0437\u043e\u0448\u043b\u043e \u0434\u0432\u0430\u0436\u0434\u044b: \u0432 \u043c\u0430\u0435 2020 \u0433\u043e\u0434\u0430 \u0438 \u0432 \u043a\u043e\u043d\u0446\u0435 \u044f\u043d\u0432\u0430\u0440\u044f 2021 \u0433\u043e\u0434\u0430. \u042d\u0442\u043e \u0434\u043e\u043f\u043e\u043b\u043d\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442, \u0447\u0442\u043e \u043f\u0440\u043e\u0434\u0430\u0436\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u043e\u0432 \u043c\u0430\u0439\u043d\u0435\u0440\u0430\u043c\u0438, \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e, \u043e\u0441\u0442\u0430\u043d\u0443\u0442\u0441\u044f \u043d\u0438\u0437\u043a\u0438\u043c\u0438, \u0447\u0442\u043e \u043c\u043e\u0436\u0435\u0442 \u0441\u0442\u0430\u0442\u044c \u043a\u0430\u0442\u0430\u043b\u0438\u0437\u0430\u0442\u043e\u0440\u043e\u043c \u0440\u043e\u0441\u0442\u0430 \u0441\u0442\u043e\u0438\u043c\u043e\u0441\u0442\u0438 \u0430\u043a\u0442\u0438\u0432\u0430\u201d, \u2013 \u043f\u043e\u043b\u0430\u0433\u0430\u044e\u0442 \u0432 Stack Funds.<\/p>\n<\/blockquote>\n<p>Based on fundamental indicators, the firm&#8217;s analysts concluded that miners are accumulating Bitcoin again, and the $50,000 level should provide a reliable near-term support.<\/p>\n<p>In November 2020, Coin Metrics developed a new <a href=\"https:\/\/u1f987.com\/en\/news\/how-much-do-bitcoin-miners-move-the-market-part-ii\">\u043c\u0435\u0442\u043e\u0434\u0438\u043a\u0443 \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0446\u0435\u043d\u043a\u0438 \u0430\u043a\u0442\u0438\u0432\u043e\u0432<\/a>, \u043d\u0430\u0445\u043e\u0434\u044f\u0449\u0438\u0445\u0441\u044f \u0432 \u0440\u0430\u0441\u043f\u043e\u0440\u044f\u0436\u0435\u043d\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d-\u043c\u0430\u0439\u043d\u0435\u0440\u043e\u0432. \u0415\u0435 \u043e\u0441\u043e\u0431\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u0437\u0430\u043a\u043b\u044e\u0447\u0430\u0435\u0442\u0441\u044f \u0432 \u0440\u0430\u0437\u0434\u0435\u043b\u0435\u043d\u0438\u0438 \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u0438 \u043c\u0430\u0439\u043d\u0435\u0440\u043e\u0432 \u0438 \u043c\u0430\u0439\u043d\u0438\u043d\u0433-\u043f\u0443\u043b\u043e\u0432, \u0447\u0442\u043e \u043f\u043e\u0437\u0432\u043e\u043b\u044f\u0435\u0442 \u0442\u043e\u0447\u043d\u0435\u0435 \u043e\u0446\u0435\u043d\u0438\u0432\u0430\u0442\u044c \u0437\u0430\u043f\u0430\u0441\u044b \u043d\u0430\u0445\u043e\u0434\u044f\u0449\u0438\u0445\u0441\u044f \u0432 \u0438\u0445 \u0440\u0430\u0441\u043f\u043e\u0440\u044f\u0436\u0435\u043d\u0438\u0438 \u0434\u043e\u0431\u044b\u0442\u044b\u0445 \u043c\u043e\u043d\u0435\u0442.<\/p>\n<p>\u041f\u043e\u0434\u043f\u0438\u0441\u044b\u0432\u0430\u0439\u0442\u0435\u0441\u044c \u043d\u0430 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 ForkLog \u0432 Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 \u0432\u0441\u044f \u043b\u0435\u043d\u0442\u0430 \u043d\u043e\u0432\u043e\u0441\u0442\u0435\u0439, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 \u0441\u0430\u043c\u044b\u0435 \u0432\u0430\u0436\u043d\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0438 \u043e\u043f\u0440\u043e\u0441\u044b.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Miners may soon start selling bitcoins to lock in profits, according to analyst Philip Swift.<\/p>\n","protected":false},"author":1,"featured_media":38837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1137,1268,1138],"class_list":["post-38836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptocurrency-mining","tag-on-chain-analysis","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38836"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38836\/revisions"}],"predecessor-version":[{"id":38838,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38836\/revisions\/38838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38837"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}