In the world of Bitcoin mining, there has been a surge in exchange interactions, with Bitcoin miners sending a record amount of Bitcoin to exchanges. Glassnode, an on-chain analytics firm, reported that miners have transferred $128 million worth of Bitcoin to exchanges, which represents 315% of their daily revenue. This suggests optimism about Bitcoin’s future price potential. The mining revenue in the Bitcoin network is closely tied to the price of Bitcoin, so miners tend to increase their sales when they believe the market can handle the additional supply. Additionally, there is a growing trend of strong accumulation and a shift towards self-custody among investors and miners. Despite a slight decline in the past 24 hours, Bitcoin has been on an upward trajectory over the past two weeks. This recovery comes after regulatory scrutiny from the SEC impacted major crypto exchanges Binance and Coinbase. Despite the lawsuit, Bitcoin’s market cap has increased by $100 billion in the last 14 days. However, the daily trading volume of Bitcoin has decreased in the past week.
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