On-chain analytics firm Glassnode reports an unusual occurrence happening on the Bitcoin network, specifically among Bitcoin miners.
It was noted that Bitcoin miners are seeing extremely high exchange interaction. Glassnode observes that Bitcoin miners have sent an all-time high of $128 million to exchanges. It adds that this equals 315% of their daily revenue.
#Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128M to Exchanges, equivalent to 315% of their daily revenue.— glassnode (@glassnode) June 27, 2023
"Bitcoin Miners are currently recording extremely high Exchange interaction, sending an ATH of $128 million to Exchanges, equivalent to 315% of their daily revenue," Glassnode tweeted.
The transfer of coins from miner or investor wallets to exchanges is frequently interpreted as a desire to sell or liquidate coins. On the contrary, increased miner transfers are sometimes interpreted as a sign of optimism about Bitcoin's price prospects.
Miners' revenue is often linked to the price of Bitcoin, so they increase their sales when they believe the market is strong enough to absorb additional supply.
In separate tweets, the on-chain analytics firm highlights a predominant trend of strong accumulation and a preference for self-custody following the LUNA debacle and FTX fallout.
Bitcoin up 84% year to date
According to CoinGecko, Bitcoin (BTC) has rallied by 84% in the first half of 2023, outperforming traditional risk assets by a significant margin.
This is as Local Bitcoin price action sees a decoupling from both Gold and Silver, with the 30-day correlation to Gold residing near cycle lows of -0.78, while the correlation to Silver has reached a cycle low of -0.9.
At the time of writing, BTC was up 1.26% in the last 24 hours at $30,759. Crypto analyst Ali says that market sentiment surrounding BTC has rebounded from a brief moment of "fear" and is now back to "optimism."
On the other hand, Bitcoin is seeing a decrease in whales. Glassnode reports that the number of whales holding over 1,000 BTC on the Bitcoin network has experienced a perpetual decline following the ATH of 2,169 whales recorded across the 2021 bull market to the current value of 1,672, a decrease of 497 whales, or 23%.