Glassnode: Miners send record amounts to exchanges

Miners usually send their bitcoin profits to exchanges to convert them into fiat. Since the price of bitcoin is at its highest level in recent months, this is a good time for miners to withdraw funds and make more profit.

A similar trend was recorded during the bullish period in the crypto market in 2021. Also, against the backdrop of the collapse of the crypto market at the end of 2022, miners sent large amounts of earned bitcoins to exchanges, which Glassnode described as “capitulation” against the backdrop of falling prices.

Last week, the rate of the first cryptocurrency reached its highest level in a year - $31,185. At the time of publication, Bitcoin is trading slightly above $30,000.

Cameron Wiklewoss, one of the founders of the Gemini cryptocurrency exchange, recently stated that the rise of bitcoin to $30,000 marks the beginning of a “great accumulation of bitcoins” by large investors.

Recall that over the past week, institutional investors have invested $65.3 million in the ProShares Bitcoin Strategy ETF (BITO) futures ETF, and the total capitalization has reached $1 billion, a record for 12 months.