Bitcoin Miner Outflows Have Registered Multiple Spikes Recently
As pointed out by an analyst in a CryptoQuant , on Wednesday, miners deposited 669 BTC to exchanges. A relevant indicator here is the “miner reserve,” which measures the total amount of Bitcoin that miners as a whole are currently holding in their wallets.
The “miner outflow” is a metric that tells us the total number of coins that these blockchain validators are transferring out of the miner reserve right now. Naturally, the reserve’s value goes down whenever the outflow records a spike, given that an equal or higher amount of the crypto doesn’t flow inside at the same time.
The value of the reserve seems to have observed significant decline in recent days | Source:As displayed in the above graph, the Bitcoin miner outflow saw two very large spikes in the last few days. The spike on January 14 measured around 4,089 BTC, while the one on January 17 amounted to 2,500 BTC. At the same time as these outflows, their reserves also plunged, which means that there wasn’t much incoming volume to compensate for these outflows. On Wednesday, there was also a third spike, but it was significantly smaller in scale than the other two.
However, there was still something about this outflow that’s worth paying attention to. About 669 BTC from this outflow was headed toward centralized exchanges. This can be seen in the data for the “miner to exchange flow” metric, which is also shown in the chart.
BTC Price
At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week.Looks like BTC has plunged in the past day | Source: