Miners have historically been one of the largest whales, and when they deposit big amount of BTC to exchanges, the price experiences significant downward pressure.
In fact, after a spike in miners' deposit to exchage in May '23, the price gradually dropped.
And recently, we've seen a spike in exchange deposits again, which has also caused the price to drop now.
We need to keep an eye on whether this surge in miner deposits is temporary or sustained for wise investment.
Written by SignalQuant
