Quick Take
Miners are continuing to transfer Bitcoin to exchanges.
As CryptoSlate identified last week, we saw the largest one-day Bitcoin transfer from miners to exchange in two years.
However, 2,600 Bitcoin were sent to exchanges on Saturday, surpassing last week’s transfer.
A potential hypothesis could be that miners are preparing for higher Bitcoin prices to sell their Bitcoin, as the transfer volume does not mean they have sold.
Poolin appears to be responsible for both transfers to Binance, totaling around 4,685 Bitcoin (roughly $128 million at current values) sent to the exchange.
Miners to exchanges: (Source: Glassnode)
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