Bitcoin (Bitcoin) miners may be sending more BTC to exchanges this month, but overall miner sales have plummeted since 2020.
Data from on-chain analytics platform CryptoQuant Confirm Daily remittances to exchanges by miners have decreased by more than two-thirds.
Miners Cool BTC Exchange Sales After FTX Spike
After BTC/USD fell 25% in a few days last week, Existing concerns about miner solvency increased.
Commenters warned that many mining participants may fall short of their objectives given their cost base and rising hashrate.
However, network fundamentals tell an interesting story – Hashrate Continue This indicates that at least certain miners are maintaining network hashing power and not shutting down operations en masse.
On the other hand, CryptoQuant routinely bitcoin miner We are not desperately selling coins to make up for the lack of revenue.
November 8th, the day of the FTX crash, Flow from Minor Wallet The total to the exchange was 1,300 BTC. This was his biggest one-day tally since September.
Overall, the FTX debacle period saw a relatively modest increase in selling compared to other surges of the year. Miners transferred 4,540 BTC to exchanges on Sept. 2. However, on June 22, when BTC/USD fell to a two-year low of $17,600, the total for the day was 5,729 BTC.
Zooming out makes the photo even more subtle.
Since Bitcoin’s last block subsidy halving event occurred in May 2020, miners have significantly reduced their daily exchange sales.
Around the time of the halving, the 7-day moving average for miner exchange deposits was around 1,200 BTC per day.
The numbers fluctuated wildly from day to day, but overall, it was standard practice at the time to see a spike in November 2022.
Fast forward to October of this year and one day a miner transferred less than 100 BTC to an exchange.
Block subsidies may be halved and fees may be less than earnings in USD terms, but nevertheless, distinct trends are evident when it comes to exchange sales.
To put it another way, FTX’s episodes produced only a small divergence in minor outflows compared to the one-year moving average. This is summarized in CryptoQuant’s Miner Position Index (MPI).
Taste from now on?
As reported by Cointelegraph, The Last Experience for Bitcoin Miners “Pain” about on-chain data in August.
hash ribbon indicatorwas specifically designed to track Minor’s surrender and has since been out of the red zone.
So far, nothing has forced a return to large-scale exits by miners. This could still change, as the latest Hash Ribbons chart data shows that the hash rate trend is flattening out after months of growth.
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