TL;DR
- Bitcoin miners continue to make large deposits to exchanges, which could negatively affect the price of BTC.
- The net flow indicator between miners and exchanges has shown positive spikes, indicating sales by miners.
- If miner behavior intensifies, it could generate short-term volatility in the market.
In recent weeks, on-chain data has shown that Bitcoin (BTC) miners continue to make large deposits to exchanges.
This behavior indicates that they may be selling part of their assets, which, according to analysts, could have a bearish impact on BTC’s price. The net flow between miners’ wallets and platforms is a key indicator for evaluating such activities, and in recent days, it has registered positive spikes. This means that miners are depositing more tokens than they are withdrawing.
Bitcoin Miner to Exchange Flow vs Exchange to Miner Flow.
🔸Miner inflows to exchanges have increased, typically a sign of miners taking profits.
🔸Exchange-to-miner flows remain relatively stable.
🔸If miner selling accelerates, it could introduce short-term volatility into… https://t.co/6cvgWtYXAn pic.twitter.com/8yodP7eVLj— IT Tech (@IT_Tech_PL) March 17, 2025
When this indicator shows positive values, it generally suggests that miners are selling their Bitcoin. This behavior is common, as miners need to cover operational costs, such as electricity bills. Although these sales are not usually large enough to drastically affect the market, they can generate short-term selling pressure.
Bitcoin Could Continue to Fall if Sales Deepen
The increase in deposits began during the bullish rally at the end of 2024, suggesting that miners took the opportunity to take profits. However, despite the fact that BTC’s price has slowed down and started to decline, miner inflows have not decreased. This behavior could indicate that miners are now selling out of fear of a possible deeper correction.
Miners, being key players in the BTC distribution process, regularly participate in asset sales. If deposits continue to increase, it could generate greater volatility in the market.
At the time of writing this article, Bitcoin (BTC) is trading lower, with a value around $81,500 per unit and a daily loss of 3.2%. Additionally, trading volume has decreased by more than 8% and is just approaching $24 billion.
