Bitcoin miners transfer 8,000 BTC amid transaction fee surge

Quick Take

Within the span of a month, Bitcoin miner balances have experienced one of the most notable declines this year.

As of late October, miner balances stood at 1.833 million Bitcoin. However, the subsequent month witnessed a departure of 8,000 Bitcoin from the miner balances. The shift does not necessarily imply that miners have sold their Bitcoin holdings but indicates that they have transferred their Bitcoin to different locations. This marks the largest change in wallets since December 2022.

Balance in Miner Wallets: (Source: Glassnode)
Graph showing the Bitcoin balance in miner wallets from November 2022 to November 2023 (Source: Glassnode)

Despite the shift in miner balances, the movement of Bitcoin from miners to exchanges remains considerably low, suggesting a lack of immediate selling interest toward exchanges.

Miners to exchanges: (Source: Glassnode)
Graph showing the transfer volume from miners to exchanges from November 2022 to November 2023 (Source: Glassnode)

Amid the ongoing inscription frenzy, miners have profited significantly from these fees, accruing more Bitcoin. Concurrently, the rise in Bitcoin’s price accompanying these events suggests that miners might be strategizing to sell at increasingly higher values.

The post Bitcoin miners transfer 8,000 BTC amid transaction fee surge appeared first on CryptoSlate.

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