A sign of a sharp drop? Miners have already started to transfer a large number of Bitcoins a few days ago

According to the on-chain data analysis platform CryptoQuant, a large number of mining pools are transferring Bitcoin from mining pool wallets to exchanges.

CryptoQuant, which tracks Bitcoin miner traffic data, shows that a total of more than 11,372 Bitcoins have been transferred to wallets on various exchanges.

The platform contains data from as much as 98% of all miners on the Bitcoin network, including Antpool, Bitclub Network, Bitfury, Bitcoin.com, BTC.com, F2pool, Okpool, Huobi, and various unknown miners.

“Miners are moving unusually large amounts of Bitcoin since yesterday, with Poolin, Slush, and HaoBTC having removed Bitcoin from mining wallets and sent it to exchanges,” CryptoQuant wrote.
CryptoQuant’s chart also shows that BTC inflows to exchanges have been at a peak since August 28, with the highest inflow recorded on September 1 at 11,908.
Reasons why miners transfer BTC
CryptoQuant tracks BTC flows between miner wallets and exchanges to assess investor behavior and potential impact on BTC prices. More funds flowing into exchanges typically indicate that miners are stepping up liquidations, which could increase selling pressure and push prices down.
Likewise, if miners were to withdraw their Bitcoin from exchanges, it would indicate plans to hold the asset long-term, which would lead to increased buying momentum in the market and higher Bitcoin prices.
A recent data update from Weiss Ratings shows that since August, miners have accounted for 23% of total reward profits due to increased network activity and network fees.
“Bitcoin miners saw revenue increase 23% in August, which is good for them, but still lags behind Ethereum miners, where high gas fees have become a significant issue that hinders user adoption.”
When the market is rising, the cost of transacting on the Bitcoin network increases as more people are willing to pay higher fees to have miners process transactions faster.
Miner Metrics Show High Risk-Off Move <br /> According to ByteTree, miners sold 1,380 Bitcoin in the last 24 hours, but only actually produced 813 BTC, which reduced their net inventory by 567. They also kept the Miner’s Rolling Inventory (MRI) at 169.83%, well above 100%.
An MRI below 100 generally means miners are selling more than they are mining, while a high MRI suggests they are accumulating more Bitcoin.
Charlie Morris, founder and chairman of ByteTree, said that a high MRI is a bullish sign that speaks volumes about miner sentiment and the strength of the Bitcoin market. Miners tend to HODL in weak markets and are only willing to sell when they believe the market is well supported.
However, despite continued bullish sentiment from many prominent analysts, the current state of BTC does not inspire confidence in a bullish market.
At the time of writing, Bitcoin has fallen more than $1,100 from $12,000 in the past 24 hours, trading down 2.21% at $10,892, just above the key support level of $11,100 to $11,200.