Miners moved $105 million worth of Bitcoin (BTC) to exchanges as the top cryptocurrency reclaimed the $30,000 price, according to digital asset analytics firm Glassnode.
Glasnode say it represents the second-largest U.S. dollar transfer on record.
“Following the spot price surge above the psychologically important $30,000 level, Bitcoin miners have continued to send large clips of BTC to exchanges.
Miners are currently sending $105 million to exchanges, the second largest USD transfer on record.
Glassnode too notes that the volume settled on the Bitcoin network has increased by 211% since the beginning of the year, from $2.16 billion to $4.56 billion. The company says the increase suggests “network usage continues to improve.”
“However, compared to conditions during the 2021 bull market, the current settlement value remains significant – $8.54 billion (-65%) below the ATH (all-time high) of $13.1 billion.”
Glassnode also examines Bitcoin’s “hot supply”, a term it uses to approximate the BTC actively participating in price discovery. According to the analytics company, less than $30 billion worth of BTC is available to trade.
“With a median size of 0.67 million BTC and a maximum of 2.2 million BTC, the hot supply represents between 3.5% and 11.3% of the total supply.
Perpetual Futures Open Interest (472,000 BTC) and hot supply (511,000 BTC) are similar in size as shown below, suggesting that a volume of approximately 983,000 BTC (~$29.5 billion) is currently ‘available’ for sale, of which just under half are spot Bitcoin.”
Bitcoin is trading at $30,907 at the time of writing.
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