Miners move 700,000 Bitcoin in three weeks

Miners have sold hundreds of thousands of Bitcoin worth several billion dollars in just a few weeks. The BTC exchange rate has rebounded as a result.

According to blockchain analytics platform Cryptoquant, miners have recently moved large amounts of Bitcoin into the market. "700,000 BTC have been moved to OTC (over the counter) desks used primarily by miners in the past three weeks following the adoption of Bitcoin ETFs," Cryptoquant CEO Ki Young Ju explained on X.

At the current rate, that would be $35 billion, a figure some users on X questioned. However, according to Ki Young Ju, the "OTC addresses are not only used by miners," but "could also be used by other whales." So how much was actually moved by the miners is unclear.

The movement of such large volumes could indicate that miners are selling some of their BTC holdings after all the ETF approvals. In recent weeks, profit margin has increased significantly. The Bitcoin price is up 28 percent from the previous month.