Miner Outflow Multiple
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
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.
How to read it
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.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Mining
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
What does a Miner Outflow Multiple above 1 mean?
The daily miner outflow is above its one-year moving average. The threshold describes relative transfer activity, not a fixed amount of BTC or a price signal.
Is this the same as the Puell Multiple?
No. Miner Outflow Multiple normalizes BTC leaving miner wallets. The Puell Multiple compares the USD value of newly issued coins with its annual average, measuring issuance revenue rather than transfers.
Does a spike confirm that miners are selling on exchanges?
No. The multiple does not identify a sale or an exchange destination. Internal treasury operations or custody transfers can also create large outflows, so destination data is needed to investigate the cause.
