On November 10, miners transferred 2,077 BTC to exchanges, and about 97% of the volume came from a single pool - Antpool. This is the record daily flow from miners since February.
Antpool is one of the mining pools. A pool combines the capacity of various miners into one network and splits the mined coins among them. Flows from miners' wallets are calculated by the CryptoQuant analytics platform.
This matters to a trader for one reason. Miners' coins on an exchange are usually read as preparation for a sale.
How much is this?
The usual daily flow from miners is 16 times smaller. This refers to the Miner-to-Exchange Flow metric.
Miner-to-Exchange Flow counts transfers from miners' wallets to exchange addresses.
- 127 BTC per day - the average flow from miners to exchanges over the past month.
- 2,077 BTC - the value on November 10, a one-day record since February.
- 1,860 BTC - the amount by which balances on miners' addresses (Miner Reserve) decreased that same day.
The coins left the miners. A drop in Miner Reserve means they were not moved between their own wallets.
Why are miners bringing coins to the exchange?
This is how the industry pays electricity and equipment bills. That is why inflow from miners is customarily read as preparation for a sale.
- Electricity and equipment bills - the usual reason for transfers to exchanges.
- One player, not the industry - the conclusion of CryptoQuant analyst under the pseudonym Crypto Mommy regarding the November 10 spike.
What happened to the price?
The spike coincided with a market decline. Over the month, BTC went from roughly $84,000 to $73,700.
- November 5. The ten largest transfers accounted for almost the entire inflow of BTC to Binance.
- November 9. The price approached $74,000, and 726.53 BTC - about $54.1 million - left miners' wallets.
- November 10. The flow from miners reached 2,077 BTC.
What does this mean for a trader?
The main point: a transfer to an exchange is not a trade in itself. The pool may be moving reserves or settling an over-the-counter (OTC) agreement.
OTC is a transaction directly between parties, outside the exchange order book.
The coming days will bring clarity. Crypto Mommy is waiting for new data: the inflow of coins to exchanges, spot venue reserves and price dynamics will show whether the spike turns into seller pressure.
The risk rules on such a market are covered in the academy, and you can find a trading mode to suit your style in the calculator.
Were you watching BTC fall from $84,000?
One pool moves 2,077 BTC in a day. Its reserve will last for years, while you trade the same chart with a couple of thousand dollars. A $10,000 drop in BTC reads the same way, but the money comes out to a different order of magnitude. Prop trading removes exactly the notional limit: a paid evaluation under the company's rules, then its trading account with a loss ceiling and your share of the profit. It is easier to understand the mechanics in a calm market than on the day of the next shakeout.