CryptocurrencyAccording to on-chain platforms that collect data on trade in their networks, miners bitcoincontinues to sell.
Crypto miners have sent $1 billion worth of Bitcoin to exchanges in the past 2 weeks, according to a post from on-chain data provider CryptoQuant. While drawing attention to the size of the transfer amount, analysts commented that the BTCs in question may not have been sold yet.
Miners sent over $1 billion in $BTC to exchanges.🔥
Quicktake Post by @caueconomy
Thread🧵 pic.twitter.com/8cdYBE3ezV
— CryptoQuant.com (@cryptoquant_com) June 28, 2023
Leading cryptocurrency analyst Caue Oliveira took a look inside the miner transfers. The on-chain expert found that miners have sent 33,860 Bitcoins to exchanges since June 15. However, the majority of the coins that move have returned to private wallets without being sold.
Miner Reserve Dropping!
Miners continue to have problems due to a bear market, rising energy costs and high-interest financing. Although cryptocurrency prices have recovered as of last winter, Bitcoin producers have not shown any tendency to accumulate. Miner reserves have dropped by 8,000 BTC in recent days, according to CryptoQuant data.
BTC Price Rises 20%
Although the developments from Binance at the beginning of June caused panic, the market recovered itself. Bitcoin price has moved up 20% in the last 2 weeks after the world’s largest asset manager BlackRock’s spot ETF application in the USA.
The leading cryptocurrency is currently trading at $30,200.
