{"id":511067,"date":"2022-11-16T14:37:40","date_gmt":"2022-11-16T11:37:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx\/"},"modified":"2022-11-16T14:37:40","modified_gmt":"2022-11-16T11:37:40","slug":"bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx\/","title":{"rendered":"# Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a299dbf8fcc6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a299dbf8fcc6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx\/#%E2%80%9D_Bitcoin_miners_send_less_BTC_to_exchanges_since_2020_halving_despite_FTX_%E2%80%9C\" >&#8221; Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx\/#Miners_cool_BTC_exchange_sales_after_FTX_spike\" >Miners cool BTC exchange sales after FTX spike<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx\/#A_taste_of_things_to_come\" >A taste of things to come?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_miners_send_less_BTC_to_exchanges_since_2020_halving_despite_FTX_%E2%80%9C\"><\/span>&#8221; Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-887bb764>Bitcoin (BTC) miners may be sending more BTC to exchanges this month \u2014 but overall, their sales have crashed since 2020.<\/p>\n<p>Data from on-chain analytics platform CryptoQuant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\">confirms<\/a> that daily miner transfers to exchanges have decreased by two-thirds or more.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Miners_cool_BTC_exchange_sales_after_FTX_spike\"><\/span>Miners cool BTC exchange sales after FTX spike<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After BTC\/USD lost 25% in days last week, existing concerns over miner solvency have heightened.<\/p>\n<p>Given their cost basis and rising hash rate, commentators warned that many mining participants may not be able to make ends meet \u2014 block subsidies and fees would not be enough to cancel out expenses, chiefly electricity.<\/p>\n<p>Network fundamentals, however, tell a curious story \u2014 hash rate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">continues<\/a> to circle all-time highs and not fall significantly, indicating that at least certain miners are maintaining network hashing power, not shutting down operations en masse.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/3bf7a89d-f9fd-4ec4-a8f7-c0aa055b26db.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin network fundamentals overview (screenshot). Source: BTC.com<\/em><\/figcaption><\/figure>\n<p>CryptoQuant, meanwhile, shows that on a daily basis, Bitcoin miners are not desperately selling coins to cover the shortfall in revenue.<\/p>\n<p>On Nov. 8, the day of the FTX blowout,\u00a0flows from miner wallets to exchanges totaled 1,300 BTC. This was the largest single-day tally since September.<\/p>\n<p>Overall, the period of the FTX debacle has seen comparatively modest increase in selling compared to other spikes this year. Miners sent 4,540 BTC to exchanges on Sep. 2, while on June 22, around the time that BTC\/USD dipped to then two-year lows of $17,600, the day\u2019s total was 5,729 BTC.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/9509c38d-21ea-470f-ace9-72934d15a6b3.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Miner to Exchange Flow (Total) chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Zooming out, the picture becomes even more nuanced.<\/p>\n<p>Since Bitcoin\u2019s last block subsidy halving event in May 2020, miners have significantly reduced their daily exchange sales.<\/p>\n<p>Around the time of the halving, the seven-day moving average of miner exchange deposits was around 1,200 BTC per day.<\/p>\n<p>The number varied significantly from day to day, but overall, what is considered a spike in November 2022, was standard practice at the time.<\/p>\n<p>Fast forward to October this year, and on some days, miners sent under 100 BTC to exchanges.<\/p>\n<p>The block subsidy may have halved and fees may account for less revenue in United States dollar terms, but nevertheless, a clear trend is evident when it comes to exchang sales.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/b80727d6-9b01-4f44-8837-3cbfa8ee2936.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Miner to Exchange Flow (Total) chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Put another way, the FTX episode has produced only a brief divergence in miner outflows relative to their one-year moving average. This is summarized in CryptoQuant\u2019s Miner Position Index (MPI).<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/50616223-15d9-43d3-87c2-0c6cabb12ac2.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Miner Position Index (MPI) chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"A_taste_of_things_to_come\"><\/span>A taste of things to come?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, Bitcoin miners last experienced \u201cdistress\u201d \u2014 in terms of on-chain data \u2014 in August.<\/p>\n<p><em><strong>Related:\u00a0<\/strong><strong>Elon Musk says BTC \u2018will make it\u2019 \u2014 5 things to know in Bitcoin this week<\/strong><\/em><\/p>\n<p>The Hash Ribbons <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.lookintobitcoin.com\/charts\/hash-ribbons\/\">indicator<\/a>, which is specifically designed to track miner capitulation, has been out of its red zone since then.<\/p>\n<p>So far, nothing has managed to force a return to mass exiting by miners. This may yet change, as the latest Hash Ribbons chart data shows hash rate tendencies flattening out after several months of growth.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/eb1906df-2764-4e66-a6df-e5f9436acfec.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Hash Ribbons chart. Source: LookIntoBitcoin<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miners-send-less-btc-to-exchanges-since-2020-halving-despite-ftx\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin miners send less BTC to exchanges since 2020 halving despite FTX &#8220; Bitcoin (BTC) miners may be sending more BTC to exchanges this month \u2014 but overall, their sales have crashed since 2020. Data from on-chain analytics platform CryptoQuant confirms that daily miner transfers to exchanges have decreased by two-thirds or more. Miners&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOGMwMDJjYmEtOTVhOC00MTIxLTk3ZDAtMGM1MTgxYTc2YTY2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,73785],"class_list":["post-511067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511067"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511067\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511068"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}