Bitcoin miners transferred over $4 billion in Bitcoin to exchanges as price hit $90,000

Insights Bitcoin

On-chain data shows a surge in miner-to-exchange flows as Bitcoin reaches record highs.

Bitcoin miners have moved more than 45,000 BTC to exchanges since Nov. 12 as the top crypto’s price surged past $90,000.

CryptoQuant data shows that on Nov. 12, miners offloaded around 24,138 BTC as Bitcoin neared the $90,000 mark. This movement marked the second-largest daily outflow from miners this year.

The next day, miners moved an additional 15,840 BTC as Bitcoin reached a new record high above $93,000. The trend continued into Nov. 14, with miners already shifting more than 5,500 BTC as of press time.

Altogether, miners have transferred 45,000 BTC, valued at over $4 billion based on the current price.

Bitcoin Miners Daily Outflow (Source: CryptoQuant)

Large transfers to exchanges often indicate a potential intent to sell, as miners might be aiming to take advantage of the latest price surge.

However, these outflows don’t always mean miners are selling their Bitcoin. In some cases, miners transfer BTC to external addresses for various operational needs, and some of these movements may simply reflect internal wallet restructuring.

Meanwhile, this wave of transactions has coincided with a brief correction in Bitcoin’s price, which dipped below $90,000 and is currently trading around $87,000.