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.

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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.

Alexander Zdravkov