Miners transferred a record high amount of mined bitcoins to exchanges
Bitcoin miners transferred a record-high amount of mined cryptocurrency to exchanges
Similar trends occurred at the peak of the market in late 2021 when cryptocurrency prices reached historic highs
Bitcoin miners are sending record-high amounts of cryptocurrency to exchanges, according to the analytics platform Glassnode. In the last week alone, they sent a record $128 million in cryptocurrency to exchanges.
There were also several similar spikes in major income transfers by miners to exchanges during the bull run of the crypto market in 2021, as they locked in profits. Also amid the late 2022 crypto market crash, miners were sending large amounts of their bitcoin earnings to exchanges, which Glassnode labeled as "capitulation" amid falling prices.
The volume of earnings from miners to exchanges. Source: Glassnode
However, miners' sales have not affected the rate of BTC so far, and at the moment of publication, the asset is trading slightly above the mark of $30 thousand.
BTC/USD
30 274 -114 (-0,38%)
Despite bitcoin's price rising more than 80% this year, miners are still struggling. Rising hash rates and record increases in the complexity of mining, as well as rising electricity prices, suggest that selling mined bitcoins may be a necessity to cover costs.
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