{"id":540080,"date":"2023-06-28T12:00:16","date_gmt":"2023-06-28T12:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=540080"},"modified":"2024-06-11T08:08:55","modified_gmt":"2024-06-11T08:08:55","slug":"bitcoin-miners-send-daily-revenue-to-exchanges","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-miners-send-daily-revenue-to-exchanges\/","title":{"rendered":"Bitcoin Miners Send 315% Of Daily Revenue To Exchanges Recording High Interaction"},"content":{"rendered":"

In the fast-paced world of Bitcoin mining, recent unusual activity has caught the attention of cryptocurrency watchers. Particularly, a surge in exchange interactions has been observed, with Bitcoin miners sending a record amount to exchanges. <\/span><\/p>\n

Prominent on-chain analytics firm, Glassnode, has been at the forefront of tracking these transactions. In a recent tweet<\/a>, the firm reported that Bitcoin miners have been engaging in a noteworthy level of interaction with exchanges, transferring an all-time high of $128 million worth of Bitcoin.<\/span><\/p>\n

Exceptional Exchange Activity By Miners<\/span><\/h2>\n

The significant update found in this report is the amount of funds involved. According to Glassnode, the $128 million sent to exchanges by Bitcoin miners<\/a> represents 315% of their daily revenue. <\/span><\/p>\n

The on-chain analytics firm tweeted:<\/span><\/p>\n

Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128 million to Exchanges, equivalent to 315% of their daily revenue.<\/span><\/p><\/blockquote>\n

Related Reading: Lightning Network Hits Record Highs In Bitcoin And US Dollar Capacity<\/a><\/div>\n

Typically, the transfer of coins from miner or investor wallets to exchanges is perceived as an intention to sell or liquidate coins. However, in this context, it can also be seen as a reflection of optimism about Bitcoin’s future price potential.<\/span><\/p>\n

Implications And Market Perception<\/span><\/h2>\n

The mining revenue in the Bitcoin network is intimately linked with the price of Bitcoin. Therefore, miners tend to increase their sales when they perceive the market to be robust enough to absorb the additional supply. This recent move could indicate strong confidence in the current market strength.<\/span><\/p>\n

Glassnode, in additional tweets, points out a growing trend of strong accumulation and a shift towards self-custody<\/a>, especially in the wake of the recent LUNA debacle and FTX fallout. This suggests an increasing trend among investors and miners towards maintaining control of their own assets as opposed to relying on third-party custodians.<\/span><\/p>\n

Regardless, Bitcoin<\/a> has seen a slight decline in the past 24 hours, down by 0.6% with a trading price still above the recently reclaimed $30,000. Prior to the retracement, Bitcoin has since been on an upward trajectory<\/a> over the past two weeks up by more than 10%.<\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin surged from trading below $25,000 amid the intensified regulatory scrutiny from the United States Securities and Exchange Commission (SEC)<\/a> which eventually affected the world’s largest crypto exchanges<\/a> Binance and Coinbase as the US regulator filed a lawsuit against both companies for the offering of unregistered securities.<\/p>\n

Related Reading: BTC Continues Uptrend As Fidelity Plans To Submit Bitcoin Spot ETF Filing<\/a><\/div>\n

However, weeks following the lawsuit, BTC was quick to recover with more than $100 billion added to its market cap in the last 14 days, up by 16.8%. Interestingly, BTC’s daily trading volume has recorded a plunge in the past week.<\/p>\n

The assets’ daily trading volume has declined from a high of $31 billion last Wednesday to a low of $16 billion in the last 24 hours.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

In the fast-paced world of Bitcoin mining, recent unusual activity has caught the attention of cryptocurrency watchers. Particularly, a surge in exchange interactions has been observed, with Bitcoin miners sending a record amount to exchanges. Prominent on-chain analytics firm, Glassnode, has been at the forefront of tracking these transactions. In a recent tweet, the firm reported that Bitcoin miners have been engaging in a noteworthy level of interaction with exchanges, transferring an all-time high of $128 million worth of Bitcoin. Exceptional Exchange Activity By Miners The significant update found in this report is the amount of funds involved. According to Glassnode, the $128 million sent to exchanges by Bitcoin miners represents 315% of their daily revenue. The on-chain analytics firm tweeted: Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128 million to Exchanges, equivalent to 315% of their daily revenue. Related Reading: Lightning Network Hits Record Highs In Bitcoin And US Dollar Capacity Typically, the transfer of coins from miner or investor wallets to exchanges is perceived as an intention to sell or liquidate coins. However, in this context, it can also be seen as a reflection of optimism about Bitcoin’s future price potential. Implications And Market Perception The mining revenue in the Bitcoin network is intimately linked with the price of Bitcoin. Therefore, miners tend to increase their sales when they perceive the market to be robust enough to absorb the additional supply. This recent move could indicate strong confidence in the current market strength. Glassnode, in additional tweets, points out a growing trend of strong accumulation and a shift towards self-custody, especially in the wake of the recent LUNA debacle and FTX fallout. This suggests an increasing trend among investors and miners towards maintaining control of their own assets as opposed to relying on third-party custodians. Regardless, Bitcoin has seen a slight decline in the past 24 hours, down by 0.6% with a trading price still above the recently reclaimed $30,000. Prior to the retracement, Bitcoin has since been on an upward trajectory over the past two weeks up by more than 10%. Bitcoin surged from trading below $25,000 amid the intensified regulatory scrutiny from the United States Securities and Exchange Commission (SEC) which eventually affected the world’s largest crypto exchanges Binance and Coinbase as the US regulator filed a lawsuit against both companies for the offering of unregistered securities. Related Reading: BTC Continues Uptrend As Fidelity Plans To Submit Bitcoin Spot ETF Filing However, weeks following the lawsuit, BTC was quick to recover with more than $100 billion added to its market cap in the last 14 days, up by 16.8%. Interestingly, BTC’s daily trading volume has recorded a plunge in the past week. The assets’ daily trading volume has declined from a high of $31 billion last Wednesday to a low of $16 billion in the last 24 hours. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,6664,61309],"class_list":["post-540080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-crypto","tag-glassnode"],"acf":[],"yoast_head":"\nBitcoin Miners Send 315% Of Daily Revenue To Exchanges Recording High Interaction<\/title>\n<meta name=\"description\" content=\"In the fast-paced world of Bitcoin mining, recent unusual activity has caught the attention of cryptocurrency watchers. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Miners Send 315% Of Daily Revenue To Exchanges Recording High Interaction","url":"http:\/\/uniquehot.com\/news\/bitcoin-miners-send-daily-revenue-to-exchanges\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-miners-send-daily-revenue-to-exchanges\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","crypto","glassnode"],"dateCreated":"2023-06-28T12:00:16Z","datePublished":"2023-06-28T12:00:16Z","dateModified":"2024-06-11T08:08:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Miners Send 315% Of Daily Revenue To Exchanges Recording High Interaction\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miners-send-daily-revenue-to-exchanges\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-miners-send-daily-revenue-to-exchanges\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Bitcoin.jpeg?fit=1140%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"crypto\",\"glassnode\"],\"dateCreated\":\"2023-06-28T12:00:16Z\",\"datePublished\":\"2023-06-28T12:00:16Z\",\"dateModified\":\"2024-06-11T08:08:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin.jpeg?fit=1140%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/540080"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=540080"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/540080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/521312"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=540080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=540080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=540080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}