Major Drop in Miner Reserves Sparks Record Outflows: Over 10,000 Bitcoins Shifted Due to Bitcoin ETFs

The launch of Bitcoin ETFs in the US has led to record levels of BTC outflows from miner wallets to exchanges. The Bitfinex report indicates that miners are selling their assets or using them to raise capital.

The record level of Bitcoin outflows from miner wallets to exchanges continues. According to Bitfinex’s latest market report, since the trading of Bitcoin ETFs began on January 11, it has been determined that miners have significantly reduced their reserves.

On-chain, according to Glassnode data, particularly on the second day of trading, January 12, it was determined that $1 billion worth of BTC moved from miner wallets to exchanges, and it was noted that this was the highest miner outflow in six years.

Similar Outflows Occurred on February 1

According to related data, similar activity was observed on February 1; it was detected that 13,500 BTC were transferred from miner wallets to exchanges. However, about 10,000 Bitcoins were sent back to miner wallets on February 2.

Bitfinex analysts state that the net outflow of 3,500 Bitcoins observed in a single day is the highest amount recorded since May 2023.

More Than 10,000 Bitcoins in Motion

Since the approval of Bitcoin ETFs in the US, the net amount of Bitcoin exiting miner wallets is estimated to be around 10,200 BTC. These activities are particularly associated with the Grayscale Bitcoin Trust and are thought to involve the sale of dormant Bitcoin assets or their exchange into other Bitcoin ETFs.

Source: Cointelegraph

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