Miners’ BTC Outflow Volume Soars 51% as Bitcoin Reaches $11,300 Zone: Research Data

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Sat, 10/10/2020 - 11:39
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Yuri Molchan
Glassnode company reported that in the last 24 hours, BTC miners outflow volume surged more than 51 percent along with number of non-zero BTC wallets hitting a new ATH
Miners’ BTC Outflow Volume Soars 51% as Bitcoin Reaches $11,300 Zone: Research Data
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As Bitcoin has surged above $11,000 and is trading at $11,300 at press-time, Glassnode has shared that the miners' Bitcoin outflow volume to crypto exchanges and other addresses has seen a massive increase of over 51 percent within the past 24 hours.

As well as that, the amount of non-zero Bitcoin wallets has hit a new all-time high.

Miners sending more BTC to exchanges

As reported by Glassnode research company, BTC amount that miners are sending to crypto exchanges immensely surged in a time-span of 24 hours – by 215.9 percent, data recorded on Friday.

This metric’s value totals 15.139 BTC after rising from 4.792 BTC.

Miners’ outflow volume, according to the fresh data shared by the same company, has also seen a major rise over the past 24 hours – it surged 51.1 percent to 56.858 BTC.

BTC
Image via Twitter

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More users are entering Bitcoin as it breaks above $11,000

As Bitcoin is trading in the $11,300 zone after printing a significant upsurge on Friday, Glassnode has counted that more investors have started flowing into the flagship cryptocurrency.

According to a recent tweet, the number of non-zero Bitcoin wallets has reached an all-time high of 31,635,651.

Many experts believe that Bitcoin was pushed up largely due to the recent BTC acquisition by Jack Dorsey-led Square and the report published by Department of Justice that contains its regulatory framework regarding crypto assets.

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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.