According to @lookonchain, Bitcoin mining firm MARA deposited another 644 BTC (about $58.7M) to FalconX and Coinbase Prime on Nov 20, 2025, source: Lookonchain. The mara-pool entity on Arkham Intelligence shows corresponding outflows that align with this transfer, supporting the reported movement, source: Arkham Intelligence. Traders monitor miner-to-venue flows as a potential near-term supply indicator in BTC spot and derivatives markets, source: CryptoQuant.

According to the source, CryptoQuant data shows BTC exchange reserves continue to decline, indicating sustained net outflows from centralized exchanges (source: CryptoQuant). Shrinking on-exchange balances typically reduce immediate sell-side liquidity and can amplify price impact when order-book depth is thin, which traders should factor into execution and risk management (source: CryptoQuant; source: Kaiko). For confirmation, monitor neutral-to-positive funding with a rising spot premium over futures, growing stablecoin balances on exchanges, and subdued miner and long-term holder inflows to exchanges (source: CryptoQuant; source: Glassnode). Risk flags that would invalidate the bullish supply read include a turn to positive exchange netflows, increased miner-to-exchange transfers, and a spike in young coin spending that has preceded distribution phases in prior cycles (source: CryptoQuant; source: Glassnode).