Net transfers of Bitcoin from miners to exchanges bottom out

According to glassnode data, the net transfer volume from miners to exchanges hit bottom in mid-to-late July, at less than 100 bitcoins per day.

However, this week net transfers grew to around 300 BTC/day, which is a 3x increase from the July low.

This reflects the resilience of the Bitcoin WK market. Bitcoin rebounded strongly last week. Some miners may have increased selling pressure due to operational needs and equipment updates in order to generate compound interest to transfer volatility risks, while the other half of the miners are accumulating chips at twice the speed and profit margin.