Bitcoin miners have sent over $1 billion worth of BTC to crypto exchanges in the past two weeks, according to analytics firm CryptoQuant.
Bitcoin Miners Have Sent $1 Billion to Exchanges
Bitcoin miners have sent over $1 billion worth of BTC to crypto exchanges in the past two weeks, according to analytics firm CryptoQuant.
Each block on the Bitcoin blockchain is produced by mining firms using computing power to solve encryptions. Miners receive 6.25 BTC for each block, which they often sell to raise money or expand their business.
Over 33,860 BTC, according to CryptoQuant, had been transferred to derivatives exchanges, although the bulk had already been sent back to private wallets. Additionally, miners have transferred only a small amount of their remaining reserve holdings—8,000 BTC—to spot trading exchanges.
This may indicate that miners are utilizing newly created coins as collateral in derivatives trading activities like hedging, according to analysts at CryptoQuant. In the previous two weeks, Bitcoin has rallied by around 20% owing to positive catalysts like spot Bitcoin ETF filings.
