In a surprising turn of events, Bitcoin miners have shattered previous records, channelling an astonishing $128 million worth of BTC to centralised cryptocurrency exchanges in the past week alone. This staggering amount accounts for an unprecedented 315% of their daily revenue, as reported by the on-chain analytics platform Glassnode.
This surge in miner revenue flowing into exchanges far exceeds any prior occurrences witnessed during the 2021 bull run, highlighting the scale of the current trend. Typically, miners transfer their Bitcoin profits to exchanges as a precautionary measure to cover expenses and secure their gains.
The increase in revenue sent to exchanges coincided with Bitcoin reaching its peak price of the year at $31,185 on June 24. Analysts, including Ki Young Ju, co-founder, and CEO of CryptoQuant, have noted that the current price-to-earnings ratio presents an attractive opportunity for miners to sell. Read on here; https://medium.com/@shosaski/in-spite-of-increasing-difficulties-bitcoin-miners-set-a-new-record-by-sending-128-million-to-3a54df5c4abf
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