According to CoinDesk, Bitcoin miners have sent more than $1 billion worth of Bitcoin to cryptocurrency exchanges in the past two weeks. On-chain analytics firm CryptoQuant said on Tuesday that more than 33,860 BTC were sent to derivatives exchanges, although most have since been transferred back to the original wallet. Miners also reduced their reserves by around 8,000 BTC, only a small portion of which was sent to spot trading exchanges. Analysts at CryptoQuant said that miners are likely to conduct hedging transactions by using newly minted Bitcoin as collateral for derivatives trading activities.
Meanwhile, $128 million worth of Bitcoin rewards have been sent to cryptocurrency exchanges over the past few days, an amount estimated to be 315% of daily mining revenue, according to on-chain analytics firm Glassnode. By that standard, it was the largest amount ever sent.
