Miners accumulate Bitcoin during certain periods and then send it to the exchange, a process known as "stacking and dumping". In March, April, and June these movements were carried out with coinciding values.
In Bitcoin's consolidation structure, miners generate profits by “stacking and dumping” given the low mining rewards, reducing the risk associated with Bitcoin price variations.
The arbitrage opportunity, buying on an exchange cheap and selling high on another exchange, generating profits in the trade as well as the use of the hedging strategy are also visible in these movements.
In the metric below, Bitcoin Fees to Reward Ratio, it is seen that when the block reward is distributed at these same times, miners send it to exchanges where they make profits, protecting capital from future short-term declines in Bitcoin.
Written by Percival