Miners sent $1.67 billion worth of bitcoins to Binance: is it worth worrying
Date: 2023-07-05 Author: Karina Ziganova Categories: BLOCKCHAIN
Over the past three weeks, Bitcoin miners have sent 54,000 BTC to Binance. Should investors worry about a possible sell-off.
Over the past three weeks, as the bitcoin rate has risen since mid-June, miners have begun to actively increase the volume of coins they send to exchanges. During this period, they sent 54,000 BTC to the Binance crypto exchange. Should investors be worried about a possible sale of bitcoin by miners?
During the month, miners transferred 65,000 BTC to exchanges
On-chain analyst Ki Young Joo wrote about this on Twitter. He noted that over the past three weeks, miners have sent 54,000 BTC to Binance. However, at the same time, there are no significant changes in the open interest in BTC-USD. Therefore, according to Joo, a spot sale is more likely.
After heavyweight company BlackRock applied to create a spot bitcoin ETF, the price of the world's main cryptocurrency rose by more than 20%. Eventually, bitcoin flows from miners to exchanges also increased dramatically. Over the past 30 days, miners have sent more than 65,000 BTC to exchanges.
However, there are always two sides to every coin. Indeed, the flow of bitcoins from miners to exchanges has increased, but at the same time the outflow of coins from trading floors to miners has also increased. Over the past 30 days, this figure has been around 60,000 BTC. The graph below shows the dynamics of this flow.
Thus, the net inflow from miners to trading platforms is only about 5000 BTC.
Do whales accumulate?
According to data from CryptoQuant, over the past 30 days in the crypto space, the net outflow of BTC from exchanges has prevailed over the net inflow.
In addition, a market watcher under the nickname "Maartunn" shared on Twitter a chart that indicates that the largest bitcoin whales are now making purchases. The purple line on the chart represents wallets with BTC balances between $100,000 and $1 million.
As Maartun himself commented, "while the purples are selling out, the browns are being bought."
