CryptoQuant: Over $1 billion in BTC has been sent to exchanges, with miner outflows reaching a six-year high

ChainCatcher news, according to CoinDesk, the outflow of funds from Bitcoin miners has reached its highest point in years, with tens of thousands of Bitcoins, worth over $1 billion, being sent to trading platforms.

CryptoQuant analyst Bradley Park stated that most of the Bitcoins are being transferred from the mining pool company F2Pool, a move prompted by the increasing costs faced by miners. Park pointed out that the rising costs for F2Pool to move to Kazakhstan, along with the need to upgrade miners to Bitmain's latest Antminer T21 before the halving, have led to a decrease in mining rewards, thereby reducing the output per machine, which is the reason for the outflow of funds. F2Pool's hash rate has already begun to increase, indicating that they have started upgrading their capacity.

Historically, the outflow of funds from miners to trading platforms can be a bearish signal for Bitcoin prices, as it typically occurs before price declines, but this is not always the case, and the correlation is not absolute.