The challenging bear market of 2022 caused Bitcoin to drop to $ 15,500, while negatively affecting miners. Because in 2022, due to rising costs, miners had to sell a large number of BTC, and this triggered the decline in BTC.
However, BTC has shown a strong rise since 2023 and broke above $31,000.
Although BTC could not continue its recent upward momentum, it continues to hold strongly above $ 30,000.
While this rise in BTC causes some investors to take intermediate profits by selling, others prefer to hold their BTC as they expect more rises.
In this context, Glassnode, which examines the behavior of Bitcoin miners, said that miners send BTC to exchanges.
Sharing on Twitter, Glassnode used the following statements:
“Miners are currently recording extremely high exchange engagement. At this point, miners are sending $128 million worth of Bitcoin to exchanges, equivalent to 315% of their daily revenue.”
#Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128M to Exchanges, equivalent to 315% of their daily revenue.
📊https://t.co/O78r5MY34f pic.twitter.com/MR5b9Au7AA
— glassnode (@glassnode) June 27, 2023
Historically, it has been seen that Bitcoin miners transfer Bitcoin to exchanges mostly for sale. In this context, the transfer of large amounts of Bitcoin by BTC miners to exchanges “will there be a sales wave soon?” raises the question. Because the fact that miners start to sell the BTCs transferred to the stock markets may cause the Bitcoin price to decrease by putting pressure on the price.
*Not investment advice.
