Yesterday, the flow of coins in miner wallets going to spot exchanges recorded the highest value since May 16, 2023.
In total, more than 4 thousand bitcoins flowed to spot exchanges, around US$173 million in selling pressure.
However, this selling pressure was calmly absorbed by the market. It is also necessary to take into account that reserves in mining portfolios have remained at the same level since the beginning of January.
It is true that there were several interactions with exchanges during this period, some quite significant, but this does not correspond to a "dump" on the part of these entities.
Furthermore, it is necessary to be careful when reading messages like "miners are dumping coins", this analyzes may not take into account the return of these coins to miners' wallets.
Written by caueconomy