Bitcoin miners send record $128M in revenue to exchanges
Bitcoin miners have sent a record 315% of their daily revenue to exchanges but the market is yet to respond with any serious price action....
- Bitcoin miners have been sending record amounts of BTC to centralized crypto exchanges.
- Glassnode reported an all-time high in Bitcoin miner revenue sent to exchanges, with $128 million sent over the past week.
- This spike in miner revenue surpasses previous spikes during the 2021 bull run.
- Miners typically send BTC profits to exchanges to cover expenses and take profits.
- The current price-to-earnings ratio is seen as attractive for miners to sell.
- Bitcoin prices remain slightly above $30,000, but the $31,000 price zone is a major resistance level.
- Mining profitability has increased slightly due to the rise in BTC prices.
- Despite the increase in Bitcoin's price, miners are facing challenges with profitability decreasing since July last year.
The sentiment of the article is mostly neutral, with a focus on the financial aspects and challenges faced by Bitcoin miners.