Bitcoin miners send record $128M in revenue to exchanges

Bitcoin miners send record $128M in revenue to exchanges



According to a tweet by Glassnode, an on-chain analytics platform, Bitcoin miners have been transferring unprecedented quantities of BTC to centralized cryptocurrency exchanges, reaching a new record in revenue on June 27.



Glassnode's recent observations highlight an "extremely high exchange interaction" occurring among Bitcoin miners. In the past week, these miners have sent an unprecedented amount of $128 million to cryptocurrency exchanges, which is equivalent to 315% of their daily revenue. This surge in miner revenue being transferred to exchanges is reminiscent of similar occurrences during the 2021 bull run when miners capitalized on profits. Additionally, there was a significant influx of capitulation during late 2022 as the market reached its cycle bottom.



Related: Price of Bitcoin: 6 main factors influence the BTC


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#Bitcoin, #BitcoinMining, #BitcoinPrice, #Cryptonewstoday

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