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Bitcoin Bitcoin (BTC) $117,526.35 ↑ 1.33%
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XRP XRP (XRP) $3.15 ↑ 1.13%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.02%
BNB BNB (BNB) $782.08 ↑ 2.28%
Solana Solana (SOL) $185.99 ↑ 3.64%
USDC USDC (USDC) $1.00 ↑ 0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 3.66%
TRON TRON (TRX) $0.32 ↑ 1.09%
Cardano Cardano (ADA) $0.82 ↑ 1.95%
Hyperliquid Hyperliquid (HYPE) $44.65 ↑ 5.53%
Sui Sui (SUI) $4.00 ↑ 8.62%
Stellar Stellar (XLM) $0.44 ↑ 5.11%
Chainlink Chainlink (LINK) $18.36 ↑ 4.05%
Hedera Hedera (HBAR) $0.27 ↑ 11.95%
Bitcoin Cash Bitcoin Cash (BCH) $554.51 ↑ 5.37%
Avalanche Avalanche (AVAX) $24.08 ↑ 3.24%
Litecoin Litecoin (LTC) $113.52 ↑ 2.43%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 5.00%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.03%
Toncoin Toncoin (TON) $3.33 ↑ 7.57%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.01%
Uniswap Uniswap (UNI) $10.51 ↑ 5.05%
Polkadot Polkadot (DOT) $4.11 ↑ 3.79%
Monero Monero (XMR) $323.00 ↓ -4.23%
Dai Dai (DAI) $1.00 ↑ 0.01%
Bitget Token Bitget Token (BGB) $4.57 ↑ 2.35%
Pepe Pepe (PEPE) $0.00 ↑ 3.88%
Aave Aave (AAVE) $298.00 ↑ 3.85%
Cronos Cronos (CRO) $0.13 ↑ 6.32%
Bittensor Bittensor (TAO) $426.41 ↑ 3.71%
Ethena Ethena (ENA) $0.59 ↑ 17.68%
Ethereum Classic Ethereum Classic (ETC) $23.18 ↑ 5.42%
NEAR Protocol NEAR Protocol (NEAR) $2.86 ↑ 6.55%
Pi Pi (PI) $0.44 ↑ 0.79%
Ondo Ondo (ONDO) $1.05 ↑ 4.39%
Aptos Aptos (APT) $4.76 ↑ 2.40%
Internet Computer Internet Computer (ICP) $5.62 ↑ 3.33%
OKB OKB (OKB) $48.03 ↑ 1.28%
Bonk Bonk (BONK) $0.00 ↑ 5.43%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 14.62%
Kaspa Kaspa (KAS) $0.10 ↑ 1.46%
Mantle Mantle (MNT) $0.77 ↑ 4.06%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↑ 2.58%
Algorand Algorand (ALGO) $0.27 ↑ 4.15%
Arbitrum Arbitrum (ARB) $0.45 ↑ 4.61%
VeChain VeChain (VET) $0.03 ↑ 4.66%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.07%
Render Render (RENDER) $4.21 ↑ 4.80%
GateToken GateToken (GT) $17.62 ↑ 1.59%
Worldcoin Worldcoin (WLD) $1.16 ↑ 3.10%
Sky Sky (SKY) $0.10 ↑ 13.69%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.12 ↑ 2.44%
Sei Sei (SEI) $0.33 ↑ 4.31%
Cosmos Cosmos (ATOM) $4.69 ↑ 1.93%
SPX6900 SPX6900 (SPX) $1.96 ↑ 12.69%
Filecoin Filecoin (FIL) $2.64 ↑ 3.08%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↑ 0.38%
Jupiter Jupiter (JUP) $0.55 ↑ 3.89%
Flare Flare (FLR) $0.02 ↑ 5.59%
Story Story (IP) $5.41 ↑ 5.05%
KuCoin Token KuCoin Token (KCS) $11.67 ↓ -2.70%
Quant Quant (QNT) $121.04 ↑ 2.37%
Curve DAO Token Curve DAO Token (CRV) $1.06 ↑ 4.94%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.05%
Injective Injective (INJ) $14.20 ↑ 5.85%
XDC Network XDC Network (XDC) $0.09 ↑ 3.97%
Celestia Celestia (TIA) $1.94 ↑ 5.86%
Fartcoin Fartcoin (FARTCOIN) $1.36 ↑ 0.04%
Four Four (FORM) $3.38 ↑ 0.62%
Stacks Stacks (STX) $0.81 ↑ 5.19%
Optimism Optimism (OP) $0.72 ↑ 5.06%
FLOKI FLOKI (FLOKI) $0.00 ↑ 7.20%
Ethereum Name Service Ethereum Name Service (ENS) $30.44 ↑ 9.02%
Immutable Immutable (IMX) $0.57 ↑ 4.50%
dogwifhat dogwifhat (WIF) $1.07 ↑ 4.31%
The Graph The Graph (GRT) $0.10 ↑ 3.19%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 3.75%
Kaia Kaia (KAIA) $0.16 ↑ 1.86%
Lido DAO Lido DAO (LDO) $1.10 ↑ 3.49%
Sonic Sonic (S) $0.33 ↑ 3.26%
PancakeSwap PancakeSwap (CAKE) $2.76 ↑ 4.87%
PAX Gold PAX Gold (PAXG) $3,355.10 ↓ -0.44%
Tezos Tezos (XTZ) $0.89 ↑ 4.32%
Conflux Conflux (CFX) $0.18 ↑ 3.93%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 9.31%
Vaulta Vaulta (A) $0.58 ↑ 2.44%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.02%
Theta Network Theta Network (THETA) $0.88 ↑ 3.98%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 3.53%
Nexo Nexo (NEXO) $1.32 ↑ 0.75%
Tether Gold Tether Gold (XAUt) $3,345.95 ↓ -0.45%
IOTA IOTA (IOTA) $0.21 ↑ 4.13%
Raydium Raydium (RAY) $3.05 ↑ 4.04%
Gala Gala (GALA) $0.02 ↑ 3.00%
The Sandbox The Sandbox (SAND) $0.31 ↑ 3.29%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 3.02%
Pendle Pendle (PENDLE) $4.47 ↑ 4.56%
Pyth Network Pyth Network (PYTH) $0.13 ↑ 5.00%
Jito Jito (JTO) $1.96 ↑ 0.21%
Bitcoin Bitcoin (BTC) $117,526.35 ↑ 1.33%
Ethereum Ethereum (ETH) $3,745.47 ↑ 2.74%
XRP XRP (XRP) $3.15 ↑ 1.13%
Tether USDt Tether USDt (USDT) $1.00 ↑ 0.02%
BNB BNB (BNB) $782.08 ↑ 2.28%
Solana Solana (SOL) $185.99 ↑ 3.64%
USDC USDC (USDC) $1.00 ↑ 0.01%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 3.66%
TRON TRON (TRX) $0.32 ↑ 1.09%
Cardano Cardano (ADA) $0.82 ↑ 1.95%
Hyperliquid Hyperliquid (HYPE) $44.65 ↑ 5.53%
Sui Sui (SUI) $4.00 ↑ 8.62%
Stellar Stellar (XLM) $0.44 ↑ 5.11%
Chainlink Chainlink (LINK) $18.36 ↑ 4.05%
Hedera Hedera (HBAR) $0.27 ↑ 11.95%
Bitcoin Cash Bitcoin Cash (BCH) $554.51 ↑ 5.37%
Avalanche Avalanche (AVAX) $24.08 ↑ 3.24%
Litecoin Litecoin (LTC) $113.52 ↑ 2.43%
Shiba Inu Shiba Inu (SHIB) $0.00 ↑ 5.00%
UNUS SED LEO UNUS SED LEO (LEO) $8.98 ↓ -0.03%
Toncoin Toncoin (TON) $3.33 ↑ 7.57%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.01%
Uniswap Uniswap (UNI) $10.51 ↑ 5.05%
Polkadot Polkadot (DOT) $4.11 ↑ 3.79%
Monero Monero (XMR) $323.00 ↓ -4.23%
Dai Dai (DAI) $1.00 ↑ 0.01%
Bitget Token Bitget Token (BGB) $4.57 ↑ 2.35%
Pepe Pepe (PEPE) $0.00 ↑ 3.88%
Aave Aave (AAVE) $298.00 ↑ 3.85%
Cronos Cronos (CRO) $0.13 ↑ 6.32%
Bittensor Bittensor (TAO) $426.41 ↑ 3.71%
Ethena Ethena (ENA) $0.59 ↑ 17.68%
Ethereum Classic Ethereum Classic (ETC) $23.18 ↑ 5.42%
NEAR Protocol NEAR Protocol (NEAR) $2.86 ↑ 6.55%
Pi Pi (PI) $0.44 ↑ 0.79%
Ondo Ondo (ONDO) $1.05 ↑ 4.39%
Aptos Aptos (APT) $4.76 ↑ 2.40%
Internet Computer Internet Computer (ICP) $5.62 ↑ 3.33%
OKB OKB (OKB) $48.03 ↑ 1.28%
Bonk Bonk (BONK) $0.00 ↑ 5.43%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↑ 14.62%
Kaspa Kaspa (KAS) $0.10 ↑ 1.46%
Mantle Mantle (MNT) $0.77 ↑ 4.06%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↑ 2.58%
Algorand Algorand (ALGO) $0.27 ↑ 4.15%
Arbitrum Arbitrum (ARB) $0.45 ↑ 4.61%
VeChain VeChain (VET) $0.03 ↑ 4.66%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↑ 0.07%
Render Render (RENDER) $4.21 ↑ 4.80%
GateToken GateToken (GT) $17.62 ↑ 1.59%
Worldcoin Worldcoin (WLD) $1.16 ↑ 3.10%
Sky Sky (SKY) $0.10 ↑ 13.69%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.12 ↑ 2.44%
Sei Sei (SEI) $0.33 ↑ 4.31%
Cosmos Cosmos (ATOM) $4.69 ↑ 1.93%
SPX6900 SPX6900 (SPX) $1.96 ↑ 12.69%
Filecoin Filecoin (FIL) $2.64 ↑ 3.08%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.73 ↑ 0.38%
Jupiter Jupiter (JUP) $0.55 ↑ 3.89%
Flare Flare (FLR) $0.02 ↑ 5.59%
Story Story (IP) $5.41 ↑ 5.05%
KuCoin Token KuCoin Token (KCS) $11.67 ↓ -2.70%
Quant Quant (QNT) $121.04 ↑ 2.37%
Curve DAO Token Curve DAO Token (CRV) $1.06 ↑ 4.94%
First Digital USD First Digital USD (FDUSD) $1.00 ↑ 0.05%
Injective Injective (INJ) $14.20 ↑ 5.85%
XDC Network XDC Network (XDC) $0.09 ↑ 3.97%
Celestia Celestia (TIA) $1.94 ↑ 5.86%
Fartcoin Fartcoin (FARTCOIN) $1.36 ↑ 0.04%
Four Four (FORM) $3.38 ↑ 0.62%
Stacks Stacks (STX) $0.81 ↑ 5.19%
Optimism Optimism (OP) $0.72 ↑ 5.06%
FLOKI FLOKI (FLOKI) $0.00 ↑ 7.20%
Ethereum Name Service Ethereum Name Service (ENS) $30.44 ↑ 9.02%
Immutable Immutable (IMX) $0.57 ↑ 4.50%
dogwifhat dogwifhat (WIF) $1.07 ↑ 4.31%
The Graph The Graph (GRT) $0.10 ↑ 3.19%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.58 ↑ 3.75%
Kaia Kaia (KAIA) $0.16 ↑ 1.86%
Lido DAO Lido DAO (LDO) $1.10 ↑ 3.49%
Sonic Sonic (S) $0.33 ↑ 3.26%
PancakeSwap PancakeSwap (CAKE) $2.76 ↑ 4.87%
PAX Gold PAX Gold (PAXG) $3,355.10 ↓ -0.44%
Tezos Tezos (XTZ) $0.89 ↑ 4.32%
Conflux Conflux (CFX) $0.18 ↑ 3.93%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 9.31%
Vaulta Vaulta (A) $0.58 ↑ 2.44%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.02%
Theta Network Theta Network (THETA) $0.88 ↑ 3.98%
JasmyCoin JasmyCoin (JASMY) $0.02 ↑ 3.53%
Nexo Nexo (NEXO) $1.32 ↑ 0.75%
Tether Gold Tether Gold (XAUt) $3,345.95 ↓ -0.45%
IOTA IOTA (IOTA) $0.21 ↑ 4.13%
Raydium Raydium (RAY) $3.05 ↑ 4.04%
Gala Gala (GALA) $0.02 ↑ 3.00%
The Sandbox The Sandbox (SAND) $0.31 ↑ 3.29%
Aerodrome Finance Aerodrome Finance (AERO) $0.91 ↑ 3.02%
Pendle Pendle (PENDLE) $4.47 ↑ 4.56%
Pyth Network Pyth Network (PYTH) $0.13 ↑ 5.00%
Jito Jito (JTO) $1.96 ↑ 0.21%
Home Cryptocurrency

What’s Driving Bitcoin Miner Outflows? Billions Moved

Omada Apeh by Omada Apeh
15 November 2024
in Cryptocurrency, News
Reading Time: 2 mins read
0
What’s Driving Bitcoin Miner Outflows? $2.2B Moved Amid the Price Surge

What’s Driving Bitcoin Miner Outflows? $2.2B Moved Amid the Price Surge

As Bitcoin hit $88,025 on November 12, miners were reportedly seen offloading in a big way. The sudden rise was accompanied by massive coin shedding, Bitcoin miner outflows. According to CryptoQuant, 25,367 BTC or $2.2 billion left miner wallets on the same day. That’s one of the largest miner outflows in recent months.

WhatsApp Image 2024 11 04 at 08.16.30

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • Stage 14 Ignites 9.96% Jump: Troller Cat Presale at $0.00009667—Best Crypto to Explode in 2025 as SPX6900 Slides and Fartcoin Jumps
    • Is Bull Season Back? MoonBull’s Best Crypto Whitelist Sparks Action as Turbo Gains and Pepe Retreats
  • What Bitcoin Miner Outflows Indicate  
  • Analysts Eye $100K Milestone
  • Gearing up for the Halving Cycle
  • Conclusion

YOU MAY BE INTERESTED

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These outflows track the movement of BTC from mining pool wallets and often signal big market moves. As Onchain analyst Avocado_onchain explains, “Miners generally sell during bullish cycles to secure profits and prepare for halving events when rewards diminish.”

What Bitcoin Miner Outflows Indicate  

Although Bitcoin miner outflows are typically considered a prelude to selling pressure, it isn’t quite so black and white. For one thing, the transfer of BTC onto exchanges can easily be made by miners with the intention of selling, but the transaction could also be an inter-wallet transfer or reorganization. 

CryptoQuant explained, “Miner outflow doesn’t mean selling actually; the assets may move to cold storage or external wallets.”.

Still, the timing coincides with Bitcoin’s high performance. Despite such increased outflows, analysts like Avocado_onchain feel the market has “ample room for growth,” citing solid mining participation indicated by the soaring hashrate and rising mining difficulty of Bitcoin.  

What’s Driving Bitcoin Miner Outflows? $2.2B Moved Amid the Price Surge
What’s Driving Bitcoin Miner Outflows? $2.2B Moved Amid the Price Surge

Analysts Eye $100K Milestone

Market experts are still optimistic about Bitcoin’s performance. According to Ryan Lee, senior analyst at Bitget Research, November is a historic month for Bitcoin: “This month often yields the best returns. A 14.7% growth would push Bitcoin beyond the $100,000 mark before November ends.”

Analysts at Bitfinex also framed that crypto adoption in the United States may further be boosted with Donald Trump’s re-election victory, which could accelerate Bitcoin’s move to $100,000. As a result of the recent political shift and institutional demand, the scenario looks bright for the asset.  

Gearing up for the Halving Cycle

The current Bitcoin miner outflow activity  also speaks to the upcoming Bitcoin halving, a period when there will be further cuts to mining rewards. In booking profits at this time, it places them well in case of market corrections resulting from such an event.

What’s Driving Bitcoin Miner Outflows? $2.2B Moved Amid the Price Surge
What’s Driving Bitcoin Miner Outflows? $2.2B Moved Amid the Price Surge

Although the outflows suggest caution in the short term, overall, the sentiment is still bullish. With supply movements matching Bitcoin’s price at the top of crypto rallies, we could see an all-time high in the next couple of months.

Conclusion

The recent price increase with $2.2 billion in miner outflows is a period when many investors and analysts will be watching next moves closely. These outflows may mean short term profit taking but the rally is far from over with many speculating $100,000 before the year ends.

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Stay updated with Turkishnyradio as we’re available around the clock, providing you with updated information about the state of the crypto world.

 

Tags: bitcoinbitcoin minersBitcoin price surge
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