Bitcoin Miner Transfers Hit 2,077 BTC as Demand Estimates Are Negative

Bitcoin miners transferred 2,077 BTC to exchange wallets Tuesday, Nov. 10, the largest daily miner-to-exchange flow since February 2026, while 30-day demand-growth estimates remained negative. The transfer was about 16 times the 30-day daily average of 127 BTC, but it does not establish that miners sold the coins.

Antpool accounted for roughly 97% of the transfer total. A miner-to-exchange flow records Bitcoin moving from miner wallets to exchange wallets; the movement can put coins on trading venues, but it does not confirm a sale or sell order.

The transfer alone does not establish that miners sold the coins on the open market.

The 30-day demand-growth estimates were negative for both spot and perpetual-futures markets. The spot estimate was about 280,000 BTC below zero, while the perpetual-futures estimate was about 82,000 BTC below zero, for a combined negative 362,000 BTC.

XWIN Japan wrote, “Leverage is being unwound, but spot demand has not recovered sustainably.” The quote describes the analyst’s view of leverage and spot demand; the transfer figure itself measures coins moved to exchange wallets, not completed trades.

Bitcoin’s next mining-difficulty adjustment was projected at block 975,744. Forecasts pointed to a decrease of about 8%, with the retarget expected late Friday, Nov. 13, ET (early Saturday UTC). The percentage and timing were estimates and could change before the adjustment.

Mining difficulty sets the computing work required to add blocks under Bitcoin’s protocol. A lower difficulty can improve expected output per unit of computing power, all else equal, but it does not show whether miners sold transferred Bitcoin or whether market demand has recovered. The next adjustment was expected when the network reached block 975,744.