Bitcoin miners have sent over $1 billion worth of BTC to crypto exchanges in the past two weeks, according to analytics firm CryptoQuant. This may indicate that miners are using newly created coins as collateral in derivatives trading activities. The majority of the transferred BTC has already been sent back to private wallets, while only a small portion has been transferred to spot trading exchanges. Bitcoin’s recent rally of around 20% could be attributed to positive catalysts like spot Bitcoin ETF filings.
AI Sentiment: Neutral