The Percent of Miner Revenue sent to Exchange metric takes the ratio between coins sent to Exchanges from Miner addresses, and the aggregate revenue generated by miners that day. This allows for insight into the proportion of production side distribution pressure.

The chart presents the following traces:

• 🔵 Percent Miner Revenue to Exchanges (7D-EMA)
• 🟠 Percent Miner Revenue to Exchanges (365D-EMA)
• 🔘 Cumulative Miner Revenue to Exchanges [BTC]

When the 7-DMA is above the 365D-EMA, it indicates that miners are distributing a larger proportion of their revenues relative to the longer-term baseline (and vice-versa).

Transparency Notice regarding Exchange Metrics

Disclaimer: Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.

Please read our Transparency Notice when using exchange data