🔥 In 2023 and 2024, #Bitcoin miners created a phenomenon unprecedented in history. They have broken all records for the amount of Bitcoin transferred to exchanges so far.
During this period, miners transferred a massive $166.2 billion worth of Bitcoin into exchanges. Notably, they only withdrew 48 billion USD, creating a significant difference of 118 billion USD.
As we enter 2024, the rate of Bitcoin transfers to exchanges increases even more. This has directly affected the balance of supply and demand in the market, leading to oversupply.
There are many factors behind this phenomenon. One of the main reasons is the increasing competition between Bitcoin mining companies. They often take advantage of periods of rising prices to earn profits, cover production costs, electricity and equipment upgrades.
