• Bitcoin miner outflow recently hit a 2-year high.
• BTC miner revenue declined as price attempted to bounce back.

Bitcoin’s [BTC] price has rebounded lately, yet miners might have missed the boat. Recent data indicated that there has been a surge in Bitcoin (BTC) outflow from miners over the past few days. Could this be attributed to dropping fees and network difficulty?

Read Bitcoin [BTC] Price Prediction 2023-24

Increase in Bitcoin outflow from miners

Glassnode revealed an interesting development concerning Bitcoin miners’ outflow. On 19 June, the chart recorded a notable spike in the seven-day moving average, reaching approximately 2.188.

This surge represented the highest movement observed in the past two years, with a similar peak occurring in April 2022 at 2.185. 

Another metric, the mean miner outflow on CryptoQuant, also demonstrated an upward trend of late. At press time, the miner outflow surpassed 19, indicating a significant level of Bitcoin outflow.

These findings suggested a growing inclination among miners to transfer their Bitcoins to exchanges.

BTC mining difficulty and hashrate

Examining the network difficulty chart on
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Author: Suzuki Shillsalot

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