Bitcoin ETFs Trigger Massive Miner Outflows, Over $1 Billion Moved to Exchanges
Bitcoin miners reportedly sell their asset reserves or leverage them to upgrade their capacity as inflows to cryptocurrency exchanges continue.
A new report from Bitfinex Alpha Market shows Bitcoin ETF approvals by the United States Securities and Exchange Commission (SEC) impacted miners' reserves.
According to the report, miners' asset reserves have plunged to 1.826 million, marking the lowest point since June 2021 as miners hoarded parts of profits during the bear season 2022.
On Jan 12, a day after the approval of ETFs, $1 billion worth of miner BTC was moved to exchanges, setting a six-year high in miner outflows according to data from on-chain analytics firm Glassnode.
