Bitcoin miners have moved more than 45,000 BTC onto exchanges since November 12, as Bitcoin's peak price soared above $90,000.
According to CryptoQuant data, on November 12th, miners offloaded approximately 24,138 BTC as Bitcoin approached the $90,000 level. The move was the second-largest daily outflow from miners this year.
The next day, miners moved an additional 15,840 BTC as Bitcoin reached a new record high of over $93,000. This trend continues until November 14th, and as of this article, miners have already shifted over 5,500 BTC.
In total, miners transferred 45,000 BTC. This equates to more than $4 billion based on current prices.
Large transfers to exchanges often indicate potential selling intent, as miners may be looking to take advantage of recent price spikes.
However, these outflows do not necessarily mean that miners are selling Bitcoin. In some cases, miners transfer BTC to external addresses for various operational needs, but some of these movements may simply reflect internal wallet restructuring.
Meanwhile, this wave of trading coincided with a temporary correction in the price of Bitcoin, which fell below $90,000 and is currently trading around $87,000.
