Crypto miners sent over $1B Bitcoin to exchanges over two weeks: CryptoQuant

FXstreet
FXstreet

28 Jun 2023 12:07 PM

Bitcoin (BTC) miners have sent over a billion dollars worth of the asset to crypto exchanges over the past two weeks but not necessarily to sell the t...

  • Bitcoin miners have sent over a billion dollars worth of BTC to crypto exchanges in the past two weeks.
  • The majority of the BTC sent to derivatives exchanges has been recovered back to proprietary wallets.
  • Miners have also reduced their reserve holdings by 8,000 BTC, with only a small portion sent to spot trading exchanges.
  • This could indicate that miners are using their newly minted coins as collateral in derivatives trading activities.
  • Bitcoin has risen nearly 20% in the past two weeks, and on-chain metrics suggest a bull market may be underway.
  • In the past few days, $128 million worth of bitcoin rewards were sent to crypto exchanges, the largest-ever amount recorded.

The article provides information about Bitcoin miners sending BTC to crypto exchanges, potentially for derivatives trading. It also highlights the recent rise in Bitcoin's price and the potential impact of miners managing their reserves. Overall, the sentiment is neutral.

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