CryptoQuant: Crypto Miners Move 33,860 BTC to Exchanges in 15 Days

Over the past two weeks, approximately 33,860 Bitcoins have been sent by miners to crypto exchanges, totaling more than $1 billion.

CryptoQuant has commented that the arrival of the cryptocurrency on trading platforms does not necessarily indicate that the mining companies are getting ready to sell, but instead, this could be a regular redistribution of Bitcoins.

It is highlighted that the arrival of the cryptocurrency was mostly directed to derivatives exchanges, and that just a small fraction was sent to spot exchanges.

It is stated that the miners returned some of the BTC to an offline wallet before the reserves of the pools were reduced by 8,000 bitcoins.

CryptoQuant believes that miners are likely using the recently mined coins as collateral in derivatives market transactions.

Funds obtained from selling the cryptocurrency are used to finance ongoing projects and works to enhance capacity, the company mentioned in a report.

Previously, miner companies had to sell a majority of their BTC in 2022 during the bearish trend’s prevalence.