Bitcoin miners have sent 54,000 BTC to Binance in the past three weeks. Thus, they signaled a potential sale. Bitcoin’s rally resulted in an increase in miners’ flow of Bitcoin to the stock market.
Miners are listed on exchanges with over 65,000 BTR sent!
cryptocoin.comAs you follow, Bitcoin price started to rise in mid-June. Since then, the flow of Bitcoin from miners to exchanges has been increasing rapidly. On-chain analyst Ki Young Ju highlighted that Bitcoin (BTC) miners have sent 54,000 BTC to Binance in the past three weeks. Should investors be worried about a possible sale of Bitcoin miners? However, there is no significant change in BTC-USD open interest. So, in Ju’s view, spot selling is more likely.
The price of the leading crypto has risen over 20% after BlackRock filed for a spot Bitcoin ETF. Eventually, the flow from the Bitcoin miner to the exchange also increased drastically. In the past 30 days, miners have sent over 65,000 BTC to exchanges.
But the crypto (coin) always has two sides. There is indeed an increase in flow from the miner to the exchange. But at the same time, the flow from the exchange to the miner is also increasing. The chart below shows the flow of Bitcoin from the exchange to the miner. In the last 30 days, the total flow from exchange to miner was around 60,000 BTC. This creates a net flow of around 5,000 BTC from miners to exchanges.
Is Bitcoin accumulating whales?
The BTC net flow chart shows that BTC outflow has dominated BTC inflows over the past 30 days.
Also, market watcher “Maartunn” shared a chart showing Bitcoin mega whales buying. The purple line in the chart below represents wallets with $100,000 to $1 million worth of BTC balances.
The brown line shows wallets with BTC balances in the $1 million to $10 million range. This indicates that the whales were accumulating. “While Purple is selling, Brown is buying,” explains Maartun.
Meanwhile, Bitcoin price fell 0.9% on a daily basis to $30,800 at press time. However, the leading crypto managed to maintain the level of 30 thousand dollars. Also, on a weekly basis, it stands in the green zone.
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