cryptojournalist
With Bitcoin approaching $90,000, miners are transferring large amounts of BTC out of their wallets. Data from CryptoQuant shows that on November 12, around 25,367 BTC (about $2.2 billion) moved out of miner wallets as Bitcoin hit $88,025.
Why Are Miners Moving Their BTC?
Miners often move Bitcoin to lock in profits when prices peak, explains analyst Avocado_onchain. This approach prepares them for the next “halving,”* when mining rewards will drop. Despite the recent outflows, high miner activity suggests more potential growth.
*Bitcoin halving: An event every four years that halves mining rewards, slowing new supply.
Transfers Don’t Always Mean Selling
CryptoQuant notes these outflows don’t always mean miners are selling. Some transfers are just moving Bitcoin to other wallets or exchanges.
A Bullish November
November has historically been strong for Bitcoin. Analysts at Bitget Research predict BTC could cross $100,000 soon, with rising U.S. interest in crypto potentially fueling further gains.
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