caueconomy
Miners sent over $1 billion in BTC to exchanges.đĽ
The activity of miners' portfolios has been since June 15th, pointing to signs of currency outflows, which have been heading towards exchanges. However, when we look more closely, we see that this capital flow has been driven by activity in derivative instruments, such as perpetual futures contracts or options. Around 33860 BTC has been sent to derivatives exchanges from the 15th to press time, although the majority has been recovered back to proprietary wallets. Miners saw a reduction of approximately 8,000 BTC in their reserves. In which, only a small portion was sent to spot trading exchanges. This could signal that miners may be using their newly minted coins as collateral in derivatives trading activities. A good example of this type of trading is known as "hedging", which uses bets in the opposite direction to market consensus so that if this scenario materializes, losses are offset or reduced by the open position in derivatives. Despite the high value, as these coins are not going to spot exchanges, it is very likely that this does not actually represent market selling pressure on the price.