Bitcoin On-chain Data Suggests Huge Outflow From Miners

Bitcoin on-chain data shows that miners have transferred a huge amount of coins to cryptocurrency exchanges. On-chain Data Suggests Miners Transferred 11,816 BTC To Exchanges As pointed out by a CryptoQuant post, 20 July saw a huge outflow from Bitcoin miners. The total outflow from that day is around 12k. Here is a chart that illustrates the trend in all miners BTC outflow over the last one year: BTC miner outflow seems to have spiked There are a few interesting features in the chart. This sudden rise of almost 12k BTC observed on Wednesday is the most since May, when the price of the cryptocurrency crashed around 50%. Related Reading | As Bitcoin Drops Below $30k, Stablecoins Surpass $100 Billion In Total Supply This spike comes after a period where the miner outflows were relatively low when compared to the preceding months. As miner outflows only show how much Bitcoin was transferred by miners to exchanges, it’s not possible to tell how much of it was actually sold off. However, if the indicator’s value goes up, it does showcase that selling pressure has increased among miners, and it could impact the price of the crypto. Related Reading | TA: Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery Another metric for knowing whether miners are selling or not is the Bitcoin all miners to all exchanges flow mean indicator. Here is the chart for it: BTC miner to exchanges flow mean seems to be ...