The amount of Bitcoin transferred from mining companies to crypto exchanges has hit its highest levels since February.
Miners Under Pressure
Bitcoin miners appear to be capitulating.
Several metrics suggest Bitcoin mining companies are selling their coins to cover costs as the crypto market downturn continues. According to crypto data platform Coin Metrics, the value of Bitcoin earned by miners and sent to exchanges almost doubled in May to a local high of approximately $400 million. The recent increase marks the highest level of miner outflows to exchanges in over three months.
Increased outflows often indicate that miners are moving their coins to exchanges in order to sell them, but are not a direct measure of miners selling. Instead, miners could be transferring their Bitcoin to exchanges for other purposes, such as borrowing against them to cover operating costs.
However, financial disclosures from individual mining companies appear to support the idea that miners are indeed...
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