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Home Latest News Market $2.3B in Bitcoin exchange outflows dwarfs the amount of new BTC mined

$2.3B in Bitcoin exchange outflows dwarfs the amount of new BTC mined

Bitcoin exchange reserves dropped from 2.5 million to 2.355 million in the past month as around 145,000 BTC, worth $2.35 billion, moved out of exchanges.

Bitcoin (BTC) trade outflows fell from 2.5 million to 2.355 million between October 15 and November 15, the lowest rate since August 2018. About 145,000 BTC moved out of markets, worth $2.35 billion at a market point of $16,200.

Bitcoin miners mined around 27,000 BTC in the same time, equivalent to around $437.4 million. dSince miners mined 900 BTC daily after the halving of May 11, 900 BTC times 30 days equals 27,000 BTC. In the Bitcoin market, this aggressive accumulation trend shows that buyers expect a lengthy post-halving upward trend.

A block reward halving occurs every four years until the fixed supply of Bitcoin at 21 million gets reached. The number of Bitcoin miners can mine every day decreases by half after each block reward halving. This suggests that around 1,800 BTC is mined prior to the halving in May 2020. 900 BTC will be mined every day until the next half of 2024.

Since less BTC is mined every day along with increasing exchange outflows, the number of Bitcoin available is drastically decreased on exchanges. If the market for Bitcoin begins to grow, the supply reduction will cause BTC’s value to grow. Therefore in the medium term, many investors will expect the price of BTC to see a prolonged uptrend.

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