Never before in history have miners sent as much BTC to exchanges as they did in 2023 and 2024. They have emerged as the top sellers in the market!
Throughout these years, miners transferred an astonishing $166.2 billion in BTC to exchanges, while withdrawing only $48 billion. This results in a difference of $118 billion, with the majority occurring in 2024, solidifying miners as the biggest sellers in the cryptocurrency market.
As 2024 approached, the pace of transfers to exchanges intensified, directly impacting the excess supply and low demand in the spot market! This is a strong indicator of distribution.
🔍 What’s behind this movement? 🔍
The resilience of miners in a highly competitive market is one of the main factors. They typically realize profits during price surges to cover production costs, electricity, and increased processing power. However, 2024 is shaping up to be different, and the growing influx of BTC into exchanges may further influence the decline in Bitcoin’s price.
Written by joaowedson