Miner Outflow Multiple

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Miner Outflow Multiple divides the daily BTC transferred out of identified miner wallets by the one-year moving average of that outflow. The result is a unitless multiple: above 1 means outflow exceeds its yearly norm, while below 1 means it is lower.

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Rising readings indicate more intense miner transfers relative to the yearly baseline, while falling readings indicate quieter outflows. A pronounced spike reached 40.106 on December 28, 2020; the full-history median is close to 1 at about 0.983. A large multiple identifies an unusual transfer day, not its destination or purpose.

Miner transfers can include treasury movements, custody changes and wallet reorganizations rather than sales. Address attribution and the moving baseline affect the ratio, and the earliest data cannot draw on a full prior year of network history. Check absolute outflows and exchange destinations before attributing a spike to market supply.