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Miners Transfer Over $1 Billion Worth of Bitcoin to Exchanges
Over the course of the past few weeks, cryptocurrency miners have moved an impressive amount of Bitcoin to various cryptocurrency exchanges, totaling a value of over $1 billion.
Since June 15, a total of 33,860 BTC has been sent by miners to these exchanges, as reported by CryptoQuant, with the majority of these funds passing through derivatives trading platforms before being returned to the miners’ own wallets.
CryptoQuant analysts further explained that the influx of Bitcoin onto exchanges is unlikely to exert significant pressure on its price, as the majority of the coins do not reach the spot markets. This movement of funds primarily serves other purposes, such as using mined coins as collateral for derivative trades. As of now, Bitcoin is being traded at $30,066, representing a 2% decrease within the last 24 hours.
It is worth noting that on June 15, the mining difficulty indicator for Bitcoin reached a new high of 52.35 T. Additionally, Bitcoin’s price surpassed the $30,000 mark on June 21, coinciding with BlackRock’s application filing for a Bitcoin exchange-traded fund (ETF).