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Bitcoin Flow from Miners to Exchanges Soars 271.6%: Analytics Report

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Mon, 11/09/2020 - 09:24
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Yuri Molchan
Glassnode says that, in the past 24 hours, the volume of Bitcoin that miners moved to trading platforms has seen a drastic surge to nearly 280 percent, pushing BTC down
Bitcoin Flow from Miners to Exchanges Soars 271.6%: Analytics Report
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The outflow of Bitcoin from mining pools to crypto exchanges has seen a major rise over the past 24 hours, according to a recent Glassnode tweet.

Meanwhile, Bitcoin's exchange rate has dropped slightly from its new historic high of $15,492.

Miners are cashing out, pushing BTC down

Data provided by analytics firm Glassnode shows that, in the last 24 hours, miners have been sending much more Bitcoin to exchanges than before.

The volume of BTC transferred from miners to exchanges (2-day MA) has surged drastically and is now up 271.6 percent, totaling 25.101 BTC after 6.754 BTC.

Miners are sending BTC to exchanges to fix their profits and cash out. While this is taking place, the Bitcoin rate has seen a slight drop from the recently recorded major high of $15,492 (the highest weekly close in more than two years) to the $15,215 mark, according to the data from CoinMarketCap.

On Nov. 6, the flagship cryptocurrency blasted through $15,000 and surged to $15,829a high not seen since early 2018 right before the arrival of "crypto winter."

BTC
Image via CoinMarketCap

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On Sunday, U.Today reported that renowned Bitcoin hater Nouriel Roubini finally did what the community has been pushing him to for years: he took a step toward acknowledging Bitcoin.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.