Miners typically send their bitcoin profits to exchanges to withdraw them into fiat. With the bitcoin price at its highest level in months, this is a good time for miners to withdraw funds and make more profit.
A similar trend was recorded during the bull run of the crypto market in 2021. Also amid the collapse of the crypto market in late 2022, miners were sending large amounts of their bitcoin earnings to exchanges, which Glassnode labeled as a “capitulation” amid falling prices.
Last week, the first cryptocurrency hit its highest level in a year at $31,185. At the time of publication, bitcoin is trading slightly above $30,000.
Gemini cryptocurrency exchange co-founder Cameron Wiklewoss recently said that bitcoin’s rise to $30,000 marks the beginning of a “great accumulation of bitcoins” by big investors.
Recall that institutional investors invested $65.3 million in the ProShares Bitcoin Strategy Futures ETF (BITO) last week, with total capitalization reaching $1 billion – a 12-month record.<br