Ki Young Ju, co-founder and CEO of cryptocurrency data analytics platform CryptoQuant, shared in a tweet today that Bitcoin miners have sent 54,000 Bitcoins to Coin Security in the last 3 weeks. At the same time, however, the open interest in bitcoin has not changed significantly.
In Ki Young Ju's view, this suggests that miners are less likely to top up their collateral to add new long positions, and that the move to transfer bitcoin to Cryptocurrency seems more likely to be a spot sale.
Bitcoin surges nearly 30% in 3 weeks
But despite what appears to be a sell-off by miners, the price of bitcoin has risen significantly recently, with the biggest gain of almost 30% over the past three weeks, from a low of around $24,700 on the 15th, all the way to its current level of $31,013, according to Tradingview data.
This is likely due in large part to the recent wave of bitcoin spot ETF applications, with Fidelity, Invesco, VanEck, 21Shares, WisdomTree, Bitwise, ARK Invest, BlackRock and others all submitting applications for bitcoin spot ETFs.
Read more: BlackRock reapplies for Bitcoin Spot ETF, Coinbase offers 'market oversight' as code for clearance?
According to YCharts data, bitcoin miners are currently earning $27.99 million per day, a 49.17% increase over the past year; according to BTC.com data, bitcoin's difficulty decreased by 3.26% to 50.65 T on June 29 when the block height was 796,320, and the current network-wide computing power is 362.50 EH/s. s.
In Ki Young Ju's view, this suggests that miners are less likely to top up their collateral to add new long positions, and that the move to transfer bitcoin to Cryptocurrency seems more likely to be a spot sale.
Bitcoin surges nearly 30% in 3 weeks
But despite what appears to be a sell-off by miners, the price of bitcoin has risen significantly recently, with the biggest gain of almost 30% over the past three weeks, from a low of around $24,700 on the 15th, all the way to its current level of $31,013, according to Tradingview data.
This is likely due in large part to the recent wave of bitcoin spot ETF applications, with Fidelity, Invesco, VanEck, 21Shares, WisdomTree, Bitwise, ARK Invest, BlackRock and others all submitting applications for bitcoin spot ETFs.
Read more: BlackRock reapplies for Bitcoin Spot ETF, Coinbase offers 'market oversight' as code for clearance?
According to YCharts data, bitcoin miners are currently earning $27.99 million per day, a 49.17% increase over the past year; according to BTC.com data, bitcoin's difficulty decreased by 3.26% to 50.65 T on June 29 when the block height was 796,320, and the current network-wide computing power is 362.50 EH/s. s.