Since June 15, miners have sent 33,860 BTC to cryptocurrency exchanges for a total value exceeding $1 billion.
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
According to CryptoQuant, the bulk of the assets moved through derivative trading platforms and returned to the owners’ wallets.
Overall, miners reduced their cryptocurrency reserves by about 8,000 BTC (roughly $242 million). At the same time, only a small portion of them was sent to spot exchanges.
“This signals that miners may use their recently mined coins as collateral in derivatives trading. A good example of such a strategy is hedging, in which bets are placed in the direction opposite to the market,” said CryptoQuant analysts.
Experts added that the inflow of the leading cryptocurrency to exchanges will not put significant pressure on its price since the coins do not reach spot markets.
At the time of writing, Bitcoin was trading at $30,066, down 2% over 24 hours.
In mid-June, the mining difficulty indicator for digital gold reached a record high of 52.35 T.
On June 21, the price of the leading cryptocurrency surpassed the $30,000. This occurred amid BlackRock filing a Bitcoin ETF application.