On-chain data shows the Bitcoin miner outflows have surged, suggesting that selling from this cohort may be behind the crypto’s decline to $20,700.

As pointed out by an analyst in a CryptoQuant post, on Wednesday, miners deposited 669 BTC to exchanges. A relevant indicator here is the “miner reserve,” which measures the total amount of Bitcoin that miners as a whole are currently holding in their wallets.

(By Hououin Kyouma)