Miners are still facing the worst of the crypto market’s turmoil, with profits down by 80% from top levels. In the wake of mounting capitulation pressure, the  Poolin multi-asset mining platform recorded the single largest miner outflow from wallets in 2-years, involving 10,000 Bitcoins.

Poolin, a popular mining pool, reportedly witnessed the large outflow,  which reports indicate might have been a way for its miners to either move the funds to other wallets, fund day-to-day costs or cover energy costs associated with running a BTC-mining operation. 

The Bitcoin Total Transfer Volume from Miners, a metric that shows the amount of BTC sent by miners to different wallets and exchanges, rose sharply to a 2-year high after Poolin’s 10 BTC outflow. Here is the chart derived from Glassnode of Bitcoin’s latest Total Transfer Volumes.