On-chain data shows the Bitcoin miners have continued to make large deposits to exchanges recently, a sign that could be bearish for BTC’s price.
Bitcoin Miner Exchange Netflow Has Been Seeing Positive Spikes
In a new post on X, CryptoQuant author IT Tech has discussed about the latest trend in the Bitcoin Miner to Exchange Flow vs. Exchange To Miner Flow metric. This indicator measures, as its name suggests, the netflow happening between miner-associated wallets and centralized exchanges.
When the value of this metric is positive, it means the miners are depositing a net number of tokens to these platforms. Generally, these chain validators transfer to the exchanges whenever they want to sell, so this kind of trend can have a bearish impact on the asset’s price.
On the other hand, the indicator having a negative value implies the the miner exchange outflows are outweighing the miner exchange inflows. Such a trend suggests this cohort may be accumulating, which can nat
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