Definition. Miner Outflow Multiple identifies periods where the amount of BTC flowing out of miner addresses is high relative to its historical average. Total Transfer Volume from Miners is the underlying outflow metric.

Technical. Computed as the ratio of miner outflow to its 365-day moving average, in USD. Miner outflow excludes transfers between addresses of the same miner. Miner metrics are based on Glassnode's continually updated set of labeled mining-pool entities, plus addresses that received coinbase rewards but cannot be attributed to a known pool. The values should be treated as an estimate and may not reflect miners' full on-chain flows. The series is mutable: its established history is stable, but recent data points may revise as labels update.

Interpretation. A reading near 1 reflects miner outflow in line with its trailing-year average. Readings well above 1 reflect accelerated distribution, below 1 suppressed distribution.