Bitcoin Miners Transfer Over 45,000 BTC Amid Price Volatility

Since November 12, Bitcoin miners have transferred over 45,000 BTC to exchanges, driven by the cryptocurrency’s price surge beyond $90,000.

According to CryptoQuant, on November 12 alone, miners moved approximately 24,138 BTC as Bitcoin approached $90,000, marking the second-largest outflow from miners this year.

The following day, as Bitcoin hit a new all-time high of over $93,000, miners shifted another 15,840 BTC. By November 14, the trend continued with more than 5,500 BTC moved by miners. In total, these transfers amounted to more than $4 billion based on current prices.

While large transfers to exchanges are often seen as a sign that miners may be preparing to sell, this isn’t always the case.

Miners sometimes transfer Bitcoin to external addresses for operational purposes, and some of the outflows could be due to internal wallet reorganization. Interestingly, the increase in miner transfers coincided with a brief dip in Bitcoin’s price, which fell below $90,000 before stabilizing around $87,000.