The share of Bitcoin’s [BTC] volume contributed by the miners on its network has declined steadily since the last halving event...
volume contributed to by the miners on its network has declined steadily since the last halving event, according to IntoTheBlock’s latest finding.event occurred on 19 April. Aiming to reduce the amount of BTC in circulation, the event halved miner rewards from 6.25 BTC to 3.125 BTC.Due to the reduction in the total amount of coins received by miners on the Bitcoin network, their share of the coin’s total volume often craters after a halving event.
IntoTheBlock noted further that the decline in BTC miner rewards has also slowed the rate at which new BTCs are added to the coin’s total supply. In fact. the on-chain data provider found that the prevailing inflation rate was around 1.66% on the charts.When it declines in this manner, the share of new coins being added to BTC’s total supply by miners on the network falls.Furthermore, there has been a minor decline in BTC Miner Reserves since the conclusion of the halving event.
This was confirmed by the drop in the coin’s Miner to Exchange Flow. Assessed using a seven-day moving average, this has cratered by 76% since the last halving event.Finally, the Miner to Exchange Flow metric measures the amount of BTC flowing from miners to exchanges. When this metric declines, it means that miners are selling fewer coins.Miner to Exchange Flow revealed that the miners on the coin’s network have continued to maintain a bullish outlook, despite its recent price performance.
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