Bitcoin sell-offs amongst miners jumped briefly during the week. This was due to a surge in network transaction fees.
On 3 September, these inscriptions recorded their second-highest daily amount of 418,000.While text inscriptions tapered around 150,000 as of 8 September, daily inscriptions count was still pegged at highs last observed in August.As network fees rallied due to a surge in network activity on 3 September, miners increasingly let go of some of their BTC holdings between 4 and 5 September.
The Miner to Exchange Flow metric measures the amount of BTC that is flowing from miners to exchanges. When this metric rallies, miners sell more BTC than they are mining.
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