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Miner bitcoin outflows at record highs; Transactions from all miners to all exchanges hit a yearly high

Sara Zhang

Summary: According to Crypto Twitter unfolded, miner bitcoin outflows at record highs. Transactions from all miners to all exchanges hit a yearly high. The statement is based on the data from the two charts provided by cryptoquant.com. The high Bitcoin transaction count and BTC inflow by miners to crypto exchanges could be explained as the profit-taking ahead ...

According to Crypto Twitter unfolded, miner bitcoin outflows at record highs. Transactions from all miners to all exchanges hit a yearly high. The statement is based on the data from the two charts provided by cryptoquant.com. The high Bitcoin transaction count and BTC inflow by miners to crypto exchanges could be explained as the profit-taking ahead of the Chinese New Year. Since the majority of Bitcoin mining is carried out in China, Bitcoin miners will most likely want to take a few days off to celebrate the New Year with family and friends. And the funding for such activities will be sourced from Bitcoin sold via crypto exchanges.

By Sara Zhang

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