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Miners Continue Transfers To Exchanges

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Miners Continue Transfers To Exchanges
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On-chain data shows miners have sent a large amount of Bitcoin to spot exchanges recently, something that can be bearish for the value of the crypto.

Bitcoin Miners To Spot Exchanges Flow Has Surged Up Over The Past Day

As pointed out by an analyst in a CryptoQuant post, the latest spike in the miner exchange deposits is larger than any other recent peaks.

The relevant indicator here is the “miners to spot exchanges flow mean,” which measures the total amount of Bitcoin being transferred by miners to spot exchanges.

When the value of this metric shoots up, it means miners have just sent a large number of coins to exchanges. Since these chain validators usually deposit to spot markets for selling purposes, this kind of trend can prove to be bearish for the price of BTC.

On the other hand, the value of the indicator being low suggests there aren’t many transactions happening from miner wallets to centralized exchange wallets. Such a trend can be either neutral or bullish for the value of the coin as it implies there isn’t much selling pressure coming from this cohort right now.

Now, here is a chart that shows the trend in the Bitcoin miners to spot exchanges flow mean over the last couple of weeks:

The hourly value of the metric seems to have been quite high in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin miners to spot exchanges flow mean has observed a huge spike during the past day.

The last two weeks saw several exchange inflows coming from miners, after each of which the price generally suffered a short-term decline.

This latest increase in the miner spot deposits is significantly larger than any other seen in this period, and has come while the price has already plunged down. This is unlike the previous ones, which came as the price was around a peak.

If the same trend as the previous miner exchange inflows follows this time as well, then these fresh deposits are also likely to have a bearish impact on Bitcoin.

BTC Price

At the time of writing, Bitcoin’s price floats around $20.1k, up 4% in the last seven days. Over the past month, the crypto has lost 17% in value.

Below is a chart that shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the value of the crypto plummeted down a few days back and has since moved sideways | Source: BTCUSD on TradingView
Featured image from Brent Jones on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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This Little Known DeFi Token Is Attracting Investors

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Defi
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This DeFi token, which only ranks 138th among cryptocurrencies according to total market capitalization, is starting to make some real loud noise in the crypto space this ‘Uptober.’

Even though the market continues to struggle to recover from its dismal September performance, SUSHI – the native token of SushiSwap – is making impressive leaps over the past couple of days.

At press time, according to data from CoinGecko, SUSHI is trading at $1.33 and has been up by 3.5% for the past 24 hours.

It currently carries a 20.1% price increase for the past seven days while its performance for the past 30 days has been equally impressive, recording a 15.5% uptick in value.

While it is still in the lower ranks of cryptocurrencies due to its $255 million market cap, SUSHI is currently the subject of tremendous interest among investors.

SUSHI Sounds Delectable To GoldenTree

Asset management powerhouse GoldenTree recently announced it has invested $5.3 million to SUSHI – a move that was instrumental for the governance token’s recent bullish rally.

During a SushiSwap forum held last Wednesday, the firm admitted they have been following the digital asset for a while now and that they are more excited about it with the upcoming rollout of their crypto-focused GoldenChain Asset Management Arm.

GoldenTree went on to say that the crypto asset has incredible potential and that it “represents the best of DeFi, both in origin and in community.”

The $50 billion privately owned asset manager has full trust in SUSHI as it iterates and innovates “without artificial barriers to completion.”

DeFi Token No Longer Just A Clone

As a digital token, SUSHI had a hard time earning respect from crypto aficionados as it was created as a copy of Uniswap.

Although it attempted to be better than the asset where it was based through liquidity mining and governance features, the token ended up lagging behind its competitors.

But the $5.3 million GoldenTree investment speaks volumes of how much interest the digital currency is now commanding.

The multi-billion dollar company did not dismiss the challenges that plagued SUSHI in the past but at the same time said they are amazed by the resiliency of the core team and the asset’s community of supporters. 

GoldenTree took notice of the top-tier products that SushiSwap has built and released, becoming one of their reasons for the game-changing investment.

SUSHI market cap at $168 million | Featured image from Japan Centre, Chart: TradingView.com

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BSV Releases “Blacklist Manager” to Freeze Lost or Stolen BTC

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Bsv Releases &Quot;Blacklist Manager” To Freeze Lost Or Stolen Btc
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