CryptoQuant: More than $1 billion in BTC was sent to the trading platform, and miner outflows reached a 6-year high

CoinDesk reported that the outflow of funds from Bitcoin miners has reached its highest point in years, with tens of thousands of bitcoins worth more than $1 billion being sent to trading platforms.

CryptoQuant analyst Bradley Park said that most of the bitcoins were transferred from mining pool company F2Pool because miners are facing increasing costs. Park pointed out that F2Pool's move to Kazakhstan increased costs and the need to upgrade miners to Bitmain's latest Antminer T21 before the halving reduced mining rewards, thus reducing the output of each machine, which is the reason for the outflow of funds. F2Pool's computing power has started to increase, indicating that they have begun to upgrade their capacity.

Historically, the outflow of funds from miners to trading platforms may be a bearish signal for Bitcoin prices, as they usually occur before prices fall, but this is not always the case, and the correlation is not absolute.