On January 5, PANews reported that the inflow of BTC to exchanges (the total amount of BTC transferred to exchanges) and the outflow of miners (the amount of BTC sent to exchanges by miners) have significantly decreased since November 2024, indicating a reduction in selling pressure. According to CryptoQuant data, after experiencing about two months of peak inflow activity to exchanges, the inflow of BTC to exchanges peaked at 98,748 BTC on November 25, 2024. In December 2024, the inflow to exchanges decreased, with the total number of bitcoins sent to exchanges ranging between 11,000 and 79,000 per day. The decrease in inflow to exchanges accompanies a reduction in miner outflows, indicating less selling pressure from bitcoin miners, who often sell their holdings to cover operational expenses.
Since the increase in Bitcoin following Trump's victory in November and the profits gained by miners, the outflow of funds from miners has been decreasing. CryptoQuant data shows that on November 11, the outflow of Bitcoin peaked when miners sent 25,367 BTC to exchanges, at which point the price of Bitcoin reached about $88,000. On January 1, 2025, miners sent 5,489 BTC to exchanges, followed by 5,748 BTC on January 2, and 2,133 BTC on January 3.
