Are miners sending Bitcoin to exchanges, waiting for higher prices?

Record amount for three years of Bitcoin being sent to exchanges from miners

This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.

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)
Miners to exchanges: (Source: Glassnode)