Bitcoin (BTC) exchange inflow — the total amount of BTC transferred to exchanges — and miner outflow — the amount of BTC sent by miners to exchanges — have significantly dropped since November 2024, suggesting reduced selling pressure.
According to data from CryptoQuant, BTC exchange inflows in November 2024 peaked at 98,748 BTC on Nov. 25, following approximately two months of heightened exchange inflow activity.
Exchange inflows declined in December 2024, but remained significant, with the total number of Bitcoin sent to exchanges ranging from 11,000 to 79,000 coins per day.
The reduction in exchange inflow was accompanied by reduced miner outflow — indicating reduced selling pressure from Bitcoin miners, who regularly offload BTC holdings to pay for operational expenses.
Bitcoin exchange inflow. Source: CryptoQuant
Miner outflows drop from November highs
Miner outflows have been declining since highs seen in November when miners secured profits during Bitcoin's historic price rally — following the election of Donald Trump.
Data from CryptoQuant shows outflows peaked on Nov. 11, when miners sent 25,367 BTC to exchanges as the price of Bitcoin hit approximately $88,000.
On January 1, 2025, miners sent 5,489 BTC to exchanges, followed by 5,748 BTC on Jan. 2, and 2,133 BTC on Jan. 3.
Miner outflow July 2022 to January 2025. Source: CryptoQuant
Bitcoin needs to beef-up trading volume to rally in January
Bitfinex analysts recently told Cointelegraph that they expect Bitcoin to trade between $95,000-$110,000 in January.
However, market analyst Axel Adler said Bitcoin needs an increase in daily trading volume to overcome resistance and see a significant move to the upside. The analyst wrote in a Jan. 4 post:
"The market structure remains bullish, with no clear signs of being overheated. However, for a strong impulse, we lack sufficient trading volume. Therefore, we are waiting for the market to recover from the holiday season."
Inflows into Bitcoin exchange-traded funds also show signs of rebounding from several days of significant outflows — with $900 million in inflows on Jan. 3, 2025.
This reversal in ETF flows signals renewed interest in Bitcoin from traditional finance and institutional investors.
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