BlocksInform
Bitcoin miners are preparing to dump a large amount of tokens on the open market, amid a recent crash in prices.
On-chain data shows that a record amount of Bitcoin was sent to exchanges from major miners over the past 24 hours. Such a move usually indicates that they are preparing to sell.
The move also comes as Bitcoin prices stabilized after tumbling 30%, and are currently holding above $22,000. The level is also the last point for a bulk of traders to cash out of Bitcoin to keep their positions positive.
Several Bitcoin miners were already seen selling their holdings in order to cover operational costs, as the market sentiment worsened.
Bitcoin miners the last to sell in a bear market
Data from on-chain analytics firm Coinmetrics shows that a net 88,000 Bitcoin ($1.7 billion) was sent to exchanges from major miners to exchanges- a record-high figure. Moving tokens onto an exchange usually precedes a sale.
