BTC Miners Sent $70M to Crypto Exchanges in a Week: Report

Data from Glassnode analysts shows that between June 5 and 11, BTC worth approximately $70.8 million moved from miners to exchanges.

This is the third highest figure for bitcoin inflow since the bull market of 2021, after a peak of $101 million.

According to CryptoQuant, the reserves of the first cryptocurrency on US crypto exchanges have dropped to 2017 levels, where it now stands at 21% of spot trading volume in the country.

Reasons for this drop in the US market is more likely attributed to the regulatory uncertainty caused by the SEC’s law suits against Binance and Coinbase, which accused the companies of trading unregistered securities.

As part of CryptoQuant’s analysis, the firm noted that American exchanges have given way to overseas and international exchanges in terms of bitcoin holdings.

ETH reserves are also declining, making up around 56% of the total assets on exchanges located outside of the US. Furthermore, the market capitalization for US stablecoins in 2023 has fallen by 35%, losing $15 billion.