Miners reduce BTC sales as exchange inflows hit mid-2023 lows

Miners ease selling. BTC flows from miners to exchanges fall to mid‑2023 lows.

Miners sent fewer coins in March. The monthly average to Binance was 4,316 BTC. Across all exchanges it was 4,381 BTC. Source.

Earlier inflows spiked in late January and early February. US ice storms cut hashpower. Miners sold more to cover fixed costs. “Fixed costs remain high,” wrote Darkfost. Details.

That pressure faded. Darkfost calls current inflows “historically low.” A similar reading was last seen on June 5, 2023. Context.

Why it matters now:
- Structural sell pressure from miners eased for the moment. Data.
- Miners still hold about 1.8 million BTC. A turn in conditions could revive distribution. Estimate.

Short‑term holders face key levels. The 1‑week to 1‑month cohort sits near a $68,200 cost basis. The market is testing that base. Source.

Higher cohorts are heavier. The 1‑3 month group is near $83,500. The 3‑6 month group is near $96,900. The 1‑3 month level acted as resistance on the last bounce. Data.

At writing, BTC trades around $68.5k.