$1 billion from Bitcoin miners to exchanges

The cryptocurrency market is awash with speculation about the impact of spot ETFs on Bitcoin price. Major financial institutions like BlackRock and Fidelity have shown their interest in Bitcoin spot ETFs, boosting investor confidence and boosting the BTC price.
Blockchain analysis provided by CryptoQuant also revealed that Bitcoin miners have recently sent BTC worth over $1 billion to exchanges. On the other hand, it is stated that this large transfer should not be interpreted as creating selling pressure on Bitcoin.
According to the analysis, most of the approximately 33,860 BTC transferred to derivatives exchanges was restored to the private wallets of the miners. CryptoQuant researcher Cauê Oliveira stated that miners may be using their newly produced coins as collateral in derivatives transactions.
“Hedges that risk against the general sentiment of the market are a good example of this type of trading,” Oliveira said. said.
8 thousand BTC decrease in the reserves of Bitcoin miners
CryptoQuant reported that miners also saw a decrease of about 8,000 BTC in their reserves during this period. Typically, this can be seen as a major addition to the selling pressure on BTC and a major bearish sign. Oliveira, on the other hand, argued that despite $1 billion worth of transfers, this activity did not significantly affect the selling pressure on the BTC price, as most coins did not go to spot exchanges. He also emphasized that miners are engaged in trading activities in the derivatives market rather than selling their assets directly.
The number one cryptocurrency, Bitcoin, has increased by over 20 percent since BlackRock's application.
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