According to recent on-chain data platform monitoring, the transfer volume from miners to exchanges has been significantly increasing between 2023 and 2025. At first glance, this seems quite alarming—miners are selling off, which could mean a market dump. But the real story is not that simple.

Looking at a longer timeline, from 2017 to 2020, the amount of miner inflow to exchanges was actually not large. Their sell-offs did not crush the market; instead, they gradually reduced holdings as prices rose. Then, in 2021, during that surge, miner inflows did increase, but Bitcoin was still hitting new highs—what does this indicate? It suggests that buying pressure was even stronger. The pattern from 2024 to early 2025 follows the same logic: miners are selling, but the market can absorb this supply, which is a sign of market strength.

Comparing this to the 2022 bear market reveals the difference. Back then, miners' transfers to major exchanges were large and frequent, and prices plummeted straight down. The reason was simple—miners couldn't sustain their costs and were forced to sell. Now? The average breakeven point for miners is around $50,000. As long as Bitcoin stays above this level, miners are not completely bearish. This cost threshold acts as the market's psychological bottom.