Bear Radar: Miners Send $1 Billion In Bitcoin To Exchanges
Miner outflow metrics soar with $1 billion worth of Bitcoin (BTC) added to selling pressure. A large amount of profit driven by Bitcoin (BTC) miners and centralized exchanges should not be interpreted as adding selling pressure to the premium cryptocurrency.
Instead, it can be seen as a yardstick to support a marketing strategy, said a driving analyst. $1 Billion in Bitcoin (BTC) Added to Selling Pressure? The researcher shares his opinion
Since June 15, 2023, miners have been largely delisting their assets from stock exchanges. A total of 33,860 BTC was sent to the exchange. These statistics shared by researcher Cauê Oliveira were presented in today's CryptoQuant Quicktake newsletter.
However, around 8,000 Bitcoins (BTC) were permanently lost to mining wallets. Overall, this can be seen as a major addition to the selling pressure in the first cryptocurrency and a major bearish sign. At the same time, Oliveira said that only a small fraction of Bitcoins (BTC) are transferred to trading platforms. For the most part, they found their way to change. This, in turn, can confirm that BTC miners are not ready to sell their assets in the market at the current price:
This may indicate that miners may be using their newly minted coins as collateral in trading activities. A good example of this type of trading is known as "hedging", which uses bets on the other side of the market contract. As such, the impact of this large departure on the price of Bitcoin (BTC) should not be overstated in the short term.
The way out of the miners explodes As reported earlier, in recent days the miners have been forcefully withdrawing money from the exchange. Yesterday, June 27, 2023, Glassnode researchers found a $128 million transaction occurring in one transaction.
$ 128 million bitcoin moved by BTC miners and the high level of business relationship of the miners is feared despite the huge legal uncertainty caused by the US SEC attack on Binance ( BNB) and Coinbase, two of the largest exchange services.
At the same time, the market has largely ignored the impact of this mid-June panic. The price of Bitcoin (BTC) rose by 25%, while the main crypto network market increased by 14.62%. At press time, Bitcoin (BTC) is changing hands at around $30,264 on major exchanges.