According to a report from Cointelegraph, the inflow of Bitcoin to exchanges (the total amount of Bitcoin transferred to exchanges) and miner outflow (the amount of Bitcoin sent to exchanges by miners) has significantly decreased since November 2024, which may indicate that market selling pressure has eased.
The data from the blockchain data analysis platform CryptoQuant shows that the inflow of Bitcoin to exchanges peaked at 98,748 BTC on November 25, following a significant increase in exchange inflow activity over the previous two months.
By December 2024, the inflow of Bitcoin to exchanges had decreased, but it remained significant, with the total amount of Bitcoin sent to exchanges ranging between 11,000 and 79,000 per day.
Image Source: Cointelegraph, Data Source: CryptoQuant
The decrease in Bitcoin inflow to exchanges coincides with a decline in miner outflows, indicating that selling pressure from Bitcoin miners has eased. Miners typically sell the Bitcoin they hold to cover operating expenses.
Bitcoin saw a historic price rebound after Trump was elected President of the United States in November last year, rising from around $68,000 to $108,000. Bitcoin miners also realized profits during this period, with outflows significantly increasing; however, this trend did not continue, and miner outflows have been declining since peaking in November.
CryptoQuant's data shows that miner outflows peaked on November 11, with miners sending 25,367 BTC to exchanges when the price of Bitcoin was around $88,000. By January 1, 2025, the total amount of Bitcoin sent to exchanges by miners was 5,489 BTC, with 5,748 BTC sent on January 2, and 2,133 BTC sent on January 3.
Image Source: Cointelegraph, Data Source: CryptoQuant
Source
