$1 Billion in Bitcoin Sent by Miners to Exchanges; What Does It Mean for Bulls?
Bitcoin (BTC) researcher Cauê Oliveira explains why we should not be too scared about effects of possible BTC inflows to exchanges...
- Bitcoin miners have been withdrawing their assets from exchanges since June 15, 2023.
- Approximately 8,000 Bitcoins disappeared from miners' wallets, adding to selling pressure on BTC.
- However, only a small fraction of these Bitcoins were transferred to spot trading platforms, indicating that miners may be using them as collateral in derivatives trading.
- The massive outflow of BTC from miners should not be overestimated in terms of its impact on the short-term price of Bitcoin.
- Miners have been moving funds out of exchanges due to increased regulatory uncertainty.
The sentiment of the article is neutral. It provides analysis and explanations without taking a positive or negative stance.