マイナー流出統計

Miner outflow statistics track coins leaving labelled mining pool and miner addresses, estimating miner selling. Miners are structural, persistent sellers who must convert to fiat to cover electricity and operating costs.

Miner sell pressure is systematically overstated as a price driver. In magnitude, the dollar value of daily post-halving issuance is a small fraction of spot turnover, so the narrative that miner selling suppresses price lacks quantitative support in most periods. What matters are anomalies: outflows spiking to several times normal usually reflect strained miner cash flow or forced liquidation near shutdown price, and such episodes often coincide with interim bottoms. Also separate flows to exchanges (genuine selling) from flows to custodians or OTC desks, which may be mere transfers.

Miner and network metrics describe the supply side: hashrate, block production and fees. Miner sell pressure is routinely overstated as a short-term price driver; these series are better used to read network security and the cost floor.

The live chart for this metric is still being wired up. Hashrate, block production and fee series already carry real data.