Bitcoin Miners Increase Deposits To Exchanges
According to on-chain data, Bitcoin miners have sent a sizable volume of coins to exchanges during the previous week, amounting to a substantial influx of $70.9 million. The high inflow of $101 million during the initial bull market in 2021 was the third-largest inflow on record, while this one is $30.2 million smaller.
There have been considerable withdrawals over the past week on crypto exchanges like Binance and Coinbase. A major outflow of multi-chain assets, excluding Bitcoin from Binance, which is worth $2.376 billion, has been observed in the last week, according to statistics compiled by Nansen. While Coinbase saw a $1.787 billion increase, Binance.US experienced a $124 million outflow at the same period.
Since December 2022, the price of Bitcoin has been increasing. The selling of coins by miners, however, has increased recently, with price decreases and rising mining costs being the obvious causes. It’s important to note that not all miners sell their coins right away. Some decide to keep them, whereas others merely sell a portion of their profits.
Whales in bitcoin have amassed around 60,000 BTC, and its market share has dipped below 50%, indicating a bear market. With a support level of $25,000 and an upside resistance level of 26,100, Bitcoin may continue to trade.
(With inputs from Shikha Singh)
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