Are miners sending Bitcoin to exchanges, waiting for higher prices?

Quick Take

• Miners are continuing to transfer Bitcoin to exchanges.
• As CryptoSlate identified last week, we saw the largest one-day Bitcoin transfer from miners to exchange in two years.
• However, 2,600 Bitcoin were sent to exchanges on Saturday, surpassing last week’s transfer.
• A potential hypothesis could be that miners are preparing for higher Bitcoin prices to sell their Bitcoin, as the transfer volume does not mean they have sold.
• Poolin appears to be responsible for both transfers to Binance, totaling around 4,685 Bitcoin (roughly $128 million at current values) sent to the exchange.

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