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Bitcoin Miners Shifting Away from Exchanges, Downward Trend in Miner-to-Exchange Flows

Kester Odero by Kester Odero
May 26, 2023 - 9:53 am
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According to the 365-day moving average and the 7-day moving average, there has been an ongoing decreasing trend in the movement of Bitcoin from miners to exchanges. This is demonstrated by the fact that the 365-day moving average. This tendency has been noticed ever since the last bull run, showing that there has been a decline in the quantity of Bitcoin that miners are selling on exchanges.

#Bitcoin miner to exchange flows in general downward trend

"Part of that may be miners increasingly conducting over-the-counter deals instead of selling on exchanges."
by @JanWues

Link👇https://t.co/R27GwkZDJe

— CryptoQuant.com (@cryptoquant_com) May 26, 2023

CryptoQuant reported that the increasing number of over-the-counter (OTC) agreements that miners are participating in is one theory that might account for this reduction. Miners may be turning to over-the-counter (OTC) transactions in order to sell their Bitcoin rather than selling it on exchanges directly. OTC transactions include performing deals directly with purchasers outside of the exchange platforms. 

This modification to the selling approach could explain why there has been a drop in the amount of Bitcoin moving to exchanges, despite the fact that selling pressure has been maintained in other locations.

In addition, the increasing professionalization of the mining business is likely another factor that has contributed to the decrease in miner-to-exchange movements. Because there are now more well-capitalized mining businesses working in this market, the organizations that mine Bitcoin have less of a need to sell the freshly obtained cryptocurrency right away in order to finance their ongoing expenses. Due to their secure financial situation, they are able to keep their Bitcoin holdings and stand to gain from any possible future price growth.

To prove this fact, Marathon, a major mining business, has exhibited a 20% rise in its Bitcoin holdings from 9,673 BTC in March 2022 to 11,568 BTC in March 2023. This gain occurred from 9,673 BTC in March 2022. However, it is important to take into account that they did sell 600 BTC in April in order to maintain their monthly operations. This demonstrates that even with a planned increase in holdings, there is still some selling activity that takes place.

OTC trades could see a surge

Due to the trend toward the professionalization of mining operations, an increase in the share of OTC trades that are not recorded in the data that is readily accessible to the public may result. This might explain the disparity between the reported reduction in miner-to-exchange flows and the projected growth in OTC transactions. Both trends involve the transit of cryptocurrency from miners to exchanges.

It is plausible to believe that decreased selling pressure from Bitcoin miners plays a substantial role in the lower trend in miner-to-exchange flows. This is despite the fact that other variables contribute to the downward trend in miner-to-exchange flows. The dynamics of Bitcoin flows may continue to fluctuate in the future due to the ongoing evolution of the industry as a whole and the exploration of various mining tactics by miners.

Tags: BitcoinBitcoinMiningBTC
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Kester Odero

Kester Odero

Kester is a Kenyan citizen currently based in the country’s capital Nairobi who studied at KCA university, also based in Nairobi, Kenya.His Passion as a writer led him to freelance news writing in his early school years. Kester likes to talk about blockchain and is keen on generating plagiarism-free work. Kester also writes on general world news and other emerging niches and research in the crypto world and the world's economy.Kester is focused on creating high-quality and highly optimized content. In line with this, he has specialized in emerging blockchain news technical analysis and price predictions. BestHe is dedicated to giving the best quality services and focused on delivering work during the required time.

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