Flow

2024

Bitcoin

<ul>
 <li>Bitcoin miners have started reducing their exposure to the king coin.</li>
 <li>BTC has been struggling to reach $50,000 for quite some time now.</li>
</ul>
With <a href="https://ambcrypto.com/search/btc" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> 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.&nbsp;
<h4>Bitcoin miners move away?</h4>
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.&nbsp;
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 <a href="https://cryptoquant.com/asset/btc/chart/miner-flows/miner-reserve?miner=all_miner&amp;window=DAY&amp;sma=30&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CryptoQuant</a>.&nbsp;
<div id="attachment_361290" style="width: 100%" class="wp-caption alignnone"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361290" decoding="async" class="size-full wp-image-361290" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30.png" alt="" width="2560" height="1612" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30-1024x645.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30-768x484.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30-1536x967.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-Miner-Reserve-All-Miners-SMA-30-2048x1290.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: CryptoQuant
</div>
Though miners reducing their exposure can ring alarm bells for some investors, there could be more trouble in store. 
As per CryptoQuant analyst <a href="https://cryptoquant.com/insights/quicktake/658e5234511a632d598f83d6-Important-level-of-UTXOs-in-profit" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Simona D</a>, a spike in Bitcoin’s Unspent Transaction Outputs (UTXOs) in profit puts it at risk of a sharp correction in 2024. &nbsp;
BTC UTXO is a metric that tracks the amount of the cryptocurrency in a wallet address left untouched after a transaction is completed. 
A UTXO is deemed to be “in profit” if the current market price of BTC is higher than the price at which the UTXO was created.
AMBCrypto noted that in an <a href="https://ambcrypto.com/another-bitcoin-price-surge-may-be-bad-for-btc-prediction-why/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">earlier report</a>, BTC’s UTXO stood at over 88%. However, at the time of writing, the percentage of the number of UTXOs being in profit among total UTXOs has fallen slightly, to nearly 87%.&nbsp;
Read&nbsp;<a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a>&nbsp;2023-24
This showed that many BTC holders continued to sit on unrealized gains, but the possibility of a price correction caused by an increase in this metric could wane — a spot of positive news.
<div id="attachment_361291" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361291" decoding="async" class="size-full wp-image-361291" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1.png" alt="" width="4287" height="2700" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1-1024x645.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1-768x484.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1-1536x967.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-UTXOs-in-Profit-1-1-2048x1290.png 2048w" sizes="(max-width: 4287px) 100vw, 4287px"></a>
 Source: CryptoQuant
</div>
The last time this metric was close to such high levels was during the bull market in 2021, when 95% of all UTXOs were held in profit.&nbsp;

What Bitcoin’s 2024 predictions say about the king coin’s prices

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