Key Points
- Bitcoin miners have moved 45,000 BTC to exchanges as Bitcoin’s price reaches a new high above $90,000.
- Large transfers to exchanges may indicate potential selling activity or operational moves by the miners.
Bitcoin miners have transferred a significant amount of 45,000 BTC to exchanges over the course of three days starting from November 12. This movement coincided with Bitcoin’s price reaching an all-time high of over $90,000.
According to data from CryptoQuant, the miners moved a total of 24,138 BTC on November 12. This marked the first significant movement from this group and the second-largest daily outflow from miners this year.
Continued Movement and Market Reaction
As Bitcoin’s price soared past $93,000 the following day, an additional 15,840 BTC was moved to exchanges by the miners. This trend persisted on November 14, with another 5,500 BTC being transferred. Hence, over these three days, Bitcoin miners moved a cumulative total of 45,000 BTC to exchanges.
Large transfers to exchanges are often perceived as a sign that miners may be planning to sell, potentially capitalizing on the recent price surge. Interestingly, this surge in transfers was accompanied by a slight correction in Bitcoin’s price, which temporarily fell below $90,000 and is now trading around $87,000.
However, such outflows don’t always signify selling activity. Miners sometimes move Bitcoin to external addresses for operational reasons, and in some cases, these transactions may simply involve internal wallet reorganizations.
Other Contributing Factors
Aside from the Bitcoin miner sell-off, other factors are also contributing to a BTC price sell-off. For instance, the current US inflation data shows a spike that could potentially halt future Federal Reserve rate cuts. This could also delay the future BTC rally.
In addition to Bitcoin miners, whale deposits to crypto exchanges have also increased. A whale recently deposited 1,920 BTC, valued at approximately $169 million, to Binance according to Lookonchain data. Over the past three days, the same whale has deposited a total of 4,060 BTC, worth around $361 million, to the exchange.
Ali Martinez noted in a recent post that $5.42 billion in Bitcoin profits were realized as the price surged. This increase also brought the sell-side risk ratio to 0.524%, signaling caution for investors. Additionally, the Bitcoin RSI also shows that the asset is currently in the overbought conditions.
Furthermore, the spot Bitcoin ETFs registered an astonishing $400 million outflows on Thursday, November 14. This occurred after days of strong inflows into the investment products following the Donald Trump victory on November 5. While BlackRock’s Bitcoin ETF (IBIT) has seen an influx of $126.5 million, other funds like Fidelity’s FBTC and Ark Invest’s ARKB have experienced $100 million outflows each.
