Miner Supply Tightens, Yet the Floodgate Still Drips

Axel Adler Jr.’s newest Bitcoin Morning Brief serves up a classic case of “half‑full, half‑empty” for miner supply. The 30‑day moving average of BTC flowing from miners into exchanges stays perched in the high‑range, a clear sign that freshly‑minted sats are still being tossed onto the chain like unwanted party favors. Meanwhile, the OTC hoard linked to miners has nosedived, shrinking to a size that would make even a seasoned HODL‑er raise an eyebrow.

Adler points out that the exchange‑inflow gauge spiked right after the fourth halving and then took off like a rocket from autumn 2025 onward. By 2026 the 30‑day average is locked in an “e