Glassnode: Bitcoin miners sent $70m to exchanges over the week

From June 5 to 11, miners sent to exchanges digital gold worth $70.8 million. This was reported by analysts Glassnode.

Across the past week, #Bitcoin Miners have been sending a significant amount of coins to Exchanges, with the largest inflow equal to $70.8M.

This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021. pic.twitter.com/w4fNFMcxr4

— glassnode (@glassnode) June 11, 2023

Analysts say that this is the third-largest inflow of the first cryptocurrency in history. The peak value — $101 million — was recorded during the 2021 bull market.

According to CryptoQuant, as The Block notes, bitcoin reserves on US crypto exchanges fell below the 50% mark — to levels seen in 2017. Bitcoin’s dominance in the country’s spot trading volume fell to 21%.

Analysts say that assets are flowing to overseas exchanges due to regulatory uncertainty in the United States. Previously the SEC filed lawsuits against Binance and Coinbase, accusing the companies of trading unregistered securities.

“American platforms have ceded ground to offshore and international exchanges in terms of the number of bitcoins held by their clients. … The federal government and regulators are making it harder to run crypto businesses in the United States,” CryptoQuant said.

ETH reserves are shrinking as well—around 56% of the total asset stock on exchanges is outside the United States. Moreover, in 2023 the market capitalization of American stablecoins fell by 35%, wiping out $15 billion.

Earlier, Glassnode recorded an outflow of 10,500 BTC from Binance amid regulatory investigations.

According to Lookonchain, after the SEC lawsuit, many institutional investors and venture-capital firms “bought at the lows”.