@joaniemilin
Miner sell pressure often correlates with exchange flows, especially when miners move block rewards to exchanges to cover operational costs. Rising miner-to-exchange transfers during price weakness or higher difficulty can coincide with increased sell-side supply and downward price pressure. Correlation strengthens when miner revenues fall below breakeven and hedges are insufficient. Conversely, substantial off-exchange custodial accumulation weakens immediate correlation. For signal quality, track miner wallet flows, hashprice, and exchange inflows together: concurrent spikes in miner outflows to exchanges and rising exchange sell-side liquidity more reliably indicate miner-driven pressure than either metric alone.
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