Bitcoin Miners Flood Exchanges With Over $1B In Bitcoin: What's Behind The Crypto Transfers?
Portfolio Pulse from Murtuza Merchant
Bitcoin miners have transferred over $1 billion worth of Bitcoin to cryptocurrency exchanges in the past two weeks, mainly for derivatives trading activities rather than selling. The majority of this amount has since been moved back to the miners’ proprietary wallets. Despite the large volume of transferred Bitcoin, this does not necessarily translate into selling pressure on the market price.
June 28, 2023 | 6:15 pm
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Bitcoin miners have transferred over $1 billion worth of Bitcoin to exchanges, mainly for derivatives trading. This does not necessarily translate into selling pressure on the market price.
The large volume of Bitcoin transferred to exchanges by miners is mainly used for derivatives trading, not for selling. This means that despite the large volume, it does not necessarily create selling pressure on the market price. Therefore, the short-term impact on Bitcoin's price is neutral.
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