Bitcoin miners send record $128M in revenue to exchanges
Bitcoin miners have sent up to 315% of their daily revenue to exchanges but BTC prices are yet to react. Bitcoin (BTC) miners are sending record amounts of BTC to centralized crypto exchanges. In a June 27 tweet, on-chain analytics platform Glassnode reported an all-time high in Bitcoin miner revenue sent to exchanges . Percent of miner revenue sent to exchanges. Source: Glassnode. It noted that there was currently an “extremely high exchange interaction,” from Bitcoin miners which had sent a record $128 million to exchanges over the past week. This is equivalent to 315% of their daily revenue, the analytics platform noted. There have been several spikes in miner revenue sent to exchanges during the 2021 bull run as they took profits. There was also a capitulation inflow in late 2022 as markets hit their cycle bottom. However, this latest spike has dwarfed them all by a considerable margin. Usually, when miners send BTC profits to exchanges they do so in preparation to cash out to c...