Bitcoin miners’ exchange flow reaches 7-month high as BTC price tanks below $21K

Bitcoin mining profitability has dropped by over 75% from the market top and is currently at its lowest since October 2020.

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Mining profitability has dropped over 75% from the top, and Bitcoin’s hash price currently sits at $0.0950/TH/day, which is the lowest point since October 2020.

The miner netflow to exchanges has also turned positive. When the miner netflow is positive, it signifies that more coins are being sent to exchanges than are being sent to personal wallets. Such behavior would indicate that miners are bearish on the price and are under pressure to sell.

Many BTC mining rigs have turned unprofitable with the price dropping below $21,000 and risk being shut down if the price doesn’t recover. The rest of the crypto market followed BTC in its price action as the overall market cap dipped below $1 trillion.

Over the course of the past decade, BTC has seen numerous bull cycles followed by an 80%-90% decline from the top, however, the BTC price has never fallen below the all-time-high of the previous cycle. Currently, BTC is trading very close to its 2017 high of $19,783, and any possible sell-off from here could push it to 2017 territory.