Miner sends Bitcoin equivalent to 24 billion yen to exchange in 2 weeks | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) remittances from miners to centralized exchanges have increased since May 31, according to data from blockchain analytics firm Glassnode.

Since May 31, miners have sent 6671.99 BTC (approximately $174 million, approximately ¥24.4 billion) to exchanges. On June 3, 2,606 BTC were transferred, making it the largest single-day transfer in over four years.

The 14-day average of miner remittances to exchanges increased to 489.26 BTC, the highest level since March 2021. Meanwhile, miner wallet balances have decreased by about 2,000 BTC in two weeks.

Transfers from a miner’s or investor’s wallet to an exchange are often viewed as an intent to sell or liquidate. So remittance growth is generally perceived as bearish.

However, remittances since May 31 are only 1.3% of Bitcoin’s daily trading volume of around $13 billion, which doesn’t appear to have a significant impact on Bitcoin’s price. .

Bitcoin transfer amount from miner to exchange (Glassnode)

The increase in miner remittances can also be seen as a sign of confidence in the Bitcoin price outlook.

The idea is that miners’ earnings are closely tied to the Bitcoin price, and that miners sell when they think the market is strong enough to absorb supply. This is like the central bank of a country with a current account deficit buying dollars on the open market when the dollar is declining. That means they can increase their foreign exchange reserves without risking a depreciation of their own currency.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Mining equipment (Shutterstock)
｜Original: Bitcoin Miners Transfer $174M Worth of Coins to Exchanges in Two Weeks