Bitcoin miner outflow has reached a 77-month high despite an overall positive trend in the crypto market.
According to on-chain intelligence firm CryptoQuant, the ‘Miner Outflow’ metric demonstrated the outflow of Bitcoin from mining pool wallets not seen since August 2017.
The outflow metric doesn’t directly monitor funds transferred from miners’ addresses to crypto exchanges, potentially indicating sales. However, outflows provide a general indicator of sentiment, with increased outflows suggesting reduced overall holding.
The outflow occurred during a period when Bitcoin showed large price movements, especially after the industry achieved a historic victory with the SEC’s approval of 11 spot BTC ETFs in the United States.
The prospect of massive inflow in the Bitcoin market, as a result, pushed the asset’s price higher, and Bitcoin skyrocketed to over $49,000 for the first time in almost two years.
$BTC Miner Outflow (Total) hits a 77-month high.
Miner Outflow’s Defini
We współpracy z: https://cryptopotato.com/bitcoin-miner-outflow-surges-to-77-month-high-data/
