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Bitcoin (BTC) miners have notably reduced their flow to central exchanges shortly before the halving. According to a new report by on-chain analysis firm CryptoQuant, there has been a significant decrease in the flow of miners to cryptocurrency exchanges. The company notes that last month’s figures on exchanges reached 374 BTC.
Bitcoin Mining Activity
This figure is significantly lower compared to the previous month’s 1388 BTC. Generally, assets moving from miners and whales to exchanges can mean selling pressure that leads to price drops. Conversely, when tokens leave exchanges for other custodians or when miners’ inflow decreases, it can lead to a positive market trend. The move to reduce selling pressure by miners comes as Bitcoin rapidly approaches the halving.
The Bitcoin halving is seen as a bullish phase, but it causes frantic activities among miners and investors in the months before the event. The bear market in 2022 led to weakened token prices, causing significant losses for miners.
Excitement Over Bitcoin’s Halving
The market uptick due to spot Bitcoin ETF approvals allowed miners to sell reserves to recover losses and enhance capacity. Approximately $1 billion was transferred from miner reserves to exchanges the day after the approval. The market also saw liquidations on exchanges in the past two weeks, which caused the price of the token to drop.
A historical look at the period leading up to the Bitcoin halving shows miners attempting to benefit from price increases before a short-term revenue drop. Recent exits recorded by miners have decreased, as many analysts point to reduced selling pressure and a potential price recovery. Sales made by miners in previous months occurred, which could be a gain for the market heading into the halving. Additionally, recent data from Coinglass shows that about 4,800 BTC were withdrawn from exchanges in the last 24 hours, marking the highest level since January 2023.
