Miners are moving Bitcoin to exchanges en masse

Quick Take

• In recent months, miners have been reaping considerable benefits from the surge in popularity of Inscriptions and BRC-20 tokens, particularly in the form of increased mining fees.
• An important trend has started to emerge, however: significant portions of miners’ balances are being transferred to exchanges. Although this does not definitively mean that the miners are selling their coins, it could be interpreted as an indication that they might be planning to sell in the future.
• Of particular interest is the activity from Poolin, a mining pool currently grappling with financial difficulties. Once boasting a Bitcoin balance of 13,000, Poolin’s wallets now only hold 6,000 Bitcoins, suggesting a significant sell-off.
• It’s also worth noting that the balance in miner wallets has now returned to average levels seen over the past few months.

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