[Analysis] "Bitcoin miners' inflows to exchanges surge… suppressing upward momentum"

The amount of Bitcoin (BTC) miners are sending to exchanges to realize profits has recently surged.

A CryptoQuant contributor to CryptoOnChain said on the 13th (local time), "Recently, the 'Realized Miner Inflow to Exchanges' indicator has shown an unprecedented surge," and "(the indicator) rose from $254 million on June 24 this year to an all-time high of $1.87 billion on the 13th of last month." CryptoOnChain explained, "This indicator measures the realized value of the cryptocurrency that miners send to exchanges, not simply miners' outflows," and "it means that miners are actually moving and disposing of Bitcoin, not merely large transfers of Bitcoin."

CryptoOnChain emphasized, "The current realized inflow size is $1.54 billion." CryptoOnChain analyzed, "Rising mining costs and increased network difficulty may be forcing miners to sell even Bitcoin acquired at high costs," adding that historically such conditions have often coincided with a 'cycle bottom (cycle bottom).' It added, "Some miners may be realizing gains at short-term highs and securing cash in preparation for potential corrections."

The analysis is that as miners' realized inflows increase, Bitcoin's upward momentum weakens. CryptoOnChain said, "A surge in miners' realized inflows can act as a strong resistance on the supply side," adding, "this can suppress (Bitcoin's) upward momentum and increase volatility."