On-chain data shows that Bitcoin miners have been depositing large amounts to exchanges. Here’s what this could mean for the asset’s price.
Bitcoin Miners Have Been Depositing Big To Exchanges Recently
An analyst in a CryptoQuant post pointed out that BTC miners have been transferring coins out of their wallets recently. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin miners withdraw from their combined supply.
The counterpart metric, the “miner inflow,” naturally keeps track of the reverse flow of coins. Here is a chart that shows the trend in both the Bitcoin miner outflow and the inflow over the past few days:
The above graph shows that the Bitcoin miner outflow has observed a spike during the past day, while the inflow has remained relatively low. This would imply that the miners have transferred a net amount of coins from their wallets in this period.
Generally, whenever miners withdraw coins from their wallets, there is
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