Since November 2024, Bitcoin exchange inflows (the total amount of BTC transferred to exchanges) and miner outflows (the amount of BTC sent to exchanges by miners) have fallen sharply, indicating reduced selling pressure.
According to CryptoQuant, BTC exchange inflows in November 2024 peaked at 98,748 BTC on November 25, following about two months of high exchange inflow activity.
In December 2024, BTC exchange inflows declined, but remained substantial, with the total number of Bitcoins sent to exchanges ranging from 11,000 to 79,000 per day.
The decline in exchange inflows was accompanied by a decline in miner outflows, indicating reduced selling pressure from Bitcoin miners, who often sell BTC holdings to cover operating expenses. Miner outflows have been declining since miners took profits during Bitcoin's historic price rally after Trump's election last November.
Data from CryptoQuant shows that outflows peaked on November 11, when miners sent 25,367 BTC to exchanges, when the price of Bitcoin reached about $88,000.
On January 1, 2025, miners sent 5,489 BTC to exchanges, 5,748 BTC on January 2, and 2,133 BTC on January 3. (Cointelegraph)