Bitcoin Miners Rush to Exchanges as Price Hits Record Highs

• Bitcoin miners have deposited their holdings into the exchanges, sending more than $1.675 billion worth of digital gold to crypto exchanges.
• Bitcoin has registered a 1% gain in the past 24 hours with a market cap of over $602 billion and BTC is trading at $31,030 at the time of writing.
• Investors maintain a strong interest in bitcoin as it hits record highs this year with monthly flows reaching a whopping $284.2 million.

Bitcoin Miners Send Holdings to Exchanges

Bitcoin (BTC) has been on a green run over the past two weeks while steadily standing above the $30,000 mark. With the recent surge, bitcoin miners have deposited their holdings into the exchanges. According to data from CryptoQuant, BTC miners sent more than $1.675 billion worth of digital gold, 54,000 coins, to crypto exchanges. This is the first massive miners’ outflow since April, when bitcoin was trading between $28,000 and $30,000.

Bitcoin Price Continues Rising

Moreover, the current situation might trigger a surge in spot selling as the BTC to USD open interest (OI) didn’t witness a notable change over the past month per CryptoQuant. Bitcoin registers a 1% gain in the past 24 hours with a market cap of over $602 billion and trading at $31,030 at the time of writing. The asset’s 24-hour trading volume has also seen an increase of 43%, surpassing the $16 billion mark.

Strong Investor Interest

Meanwhile, bitcoin investment products registered around $123 million in inflows over the past two weeks according to CoinShares report; 98% were for BTC assets totaling almost 125 million dollars as investors continue showing strong interest in Bitcoin as it hits record highs this year reaching 284 million dollars in monthly flows . Furthermore amount of BTC inflows to exchanges dropped by 84% since May 2021 showing signs that people are hodling bitcoins on self-custodial wallets instead of using them for trades or investments .

Miner Outflows

The miner outflows come amidst this bullish trend suggesting that traders are cashing out profits from these high prices whilst there is no significant change in open interest which suggests less likelihood that collaterals will be used for new long positions but rather spot selling seems more likely based on Ki Young Ju’s analysis .

Conclusion

The rise and growth continues for Bitcoin with miners depositing their holdings into exchanges as price hikes continue and investors maintaining an increasing interest due to its record highs this year with decreasing inflow amounts suggesting people are holding onto their coins instead of trading them .

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Felix Schulze ist unser Krypto-Enthusiast und Chefredakteur im Team. Der studierte Wirtschaftsinformatiker hat sich schon früh, seit 2017, intensiv mit den technischen Grundlagen von Bitcoin und Blockchain-Anwendungen beschäftigt.

Er betreibt einen der populärsten deutschsprachigen Blogs zu diesen Themen und produziert einen viel gehörten Podcast für Krypto-Fans. Mit seinem enormen Wissensschatz hat Felix sich längst als einer der führenden Experten für die funktionellen und technologischen Details rund um Bitcoin etabliert. Er steuert spannende Hintergrundberichte und Technik-Analysen für unsere Leser bei.