People Are Removing the Most Bitcoin From Exchanges Since 2018 Bottom

People Are Removing the Most Bitcoin From Exchanges Since 2018 Bottom

Gate Trade News Thursday, May 21, 2020 22 0

Exchange reserves hit an 18-month bottom while miners keep selling despite lower revenues after the halving.

Bitcoin (BTC) is failing to retake $10,000 due to a fresh wave of miner selling, fresh data suggests ten days after the halving.

Compiled by monitoring resource CryptoQuant, the figures show that over the past five days, combined outflows from BTC mining pools spiked 600% — from 1,066 BTC to 7,426 BTC on May 20. 

The change mimics that seen in the week before the halving on May 11, when miner outflows increased from around 2,100 BTC to a high of nearly 5,000 BTC on May 10.