2,077 BTC moved from miners to exchanges in one day — 16 times the usual amount. Supply rose just as buyers pulled back.
Key figures:
• Miners to exchanges: 2,077 BTC on Nov 10, vs. a 30-day daily average of 127 BTC — around 16x; ~97% came from Antpool (CryptoQuant, Nov 12)
• Spot + perpetual demand (30-day total): −362,000 BTC — spot −280,000, futures −82,000 (CryptoQuant, Nov 12)
• Price this morning: 68,368, after briefly bouncing from 67,490 to 70,188 before falling again
What I think it means: this combination explains why yesterday’s bounce didn’t hold — potential supply rose while net demand was negative in both spot and futures. But to be clear about the caveat: transfers to exchanges aren’t proof of selling; they could be treasury movements. What matters is whether subsequent transfers turn into actual selling.
What I’m watching next: miner-to-exchange flows over the next few days, whether spot demand turns positive, and confirmation of Friday’s ETF flows.
What do you think—are miner transfers this large more often the start of selling pressure, or just routine treasury rotation?
#Bitcoin #OnChain $BTC
Key figures:
• Miners to exchanges: 2,077 BTC on Nov 10, vs. a 30-day daily average of 127 BTC — around 16x; ~97% came from Antpool (CryptoQuant, Nov 12)
• Spot + perpetual demand (30-day total): −362,000 BTC — spot −280,000, futures −82,000 (CryptoQuant, Nov 12)
• Price this morning: 68,368, after briefly bouncing from 67,490 to 70,188 before falling again
What I think it means: this combination explains why yesterday’s bounce didn’t hold — potential supply rose while net demand was negative in both spot and futures. But to be clear about the caveat: transfers to exchanges aren’t proof of selling; they could be treasury movements. What matters is whether subsequent transfers turn into actual selling.
What I’m watching next: miner-to-exchange flows over the next few days, whether spot demand turns positive, and confirmation of Friday’s ETF flows.
What do you think—are miner transfers this large more often the start of selling pressure, or just routine treasury rotation?
#Bitcoin #OnChain $BTC