Miners Move Whopping $174M Worth of BTC to Exchanges in 2 Weeks

• Bitcoin miners have transferred 6,671.99 BTC ($174 million) to exchanges since May 31.
• The 14-day average of miner transfers has seen a significant rise, reaching 489.26 BTC.
• The impact on Bitcoin’s price is not expected to be substantial.

$174 Million Worth of BTC Transferred by Miners to Exchanges

Bitcoin miners have recently moved over $174 million worth of Bitcoin to exchanges. According to blockchain analytics firm Glassnode, there has been an increase in the transfer of bitcoin (BTC) from miners to centralized exchanges since May 31.

Highest Single-Day Transfer in Four Years

Data reveals that miners or entities responsible for minting coins by verifying transactions on the blockchain have moved a total of 6,671.99 BTC ($174 million) to exchanges during this period. On June 3 alone, miners transferred 2,606 BTC to exchanges, marking the highest single-day tally in over four years.

14-Day Average Miner Movement of BTC

The 14-day average of miner transfers to exchanges has seen a significant rise, reaching 489.26 BTC, the highest level since March 2021. Concurrently, the balance in wallets associated with miners has decreased by approximately 2,000 BTC within a two-week timeframe.

Impact on Price Not Substantial

Historically, the movement of coins from miner or investor wallets to exchanges is often interpreted as an intention to sell or liquidate the coins and is generally perceived as bearish for prices; however it is worth noting that these recent transfers account for only 1.3% of Bitcoin’s 24-hour trading volume which stands at $13 billion thus impact on price isn’t expected be substantial.

Miner Action Reflects Confidence in Price Outlook

Heightened miner transfers are often seen as an expression confidence in Bitcoin’s price outlook as miners profitability is closely linked its performance prompting them increase sales when they perceive strong market capable absorbing additional supply without risking depreciation local currency; thus far Bitcoins price remains within familiar range above key support level $25200 based data suggesting confidence among investors