Bitcoin miners are taking advantage of the recent price increase by sending large amounts of BTC to centralized exchanges. In the last week alone, miners moved $70.8 million worth of BTC to exchanges, marking the third-largest single inflow for Bitcoin miners in terms of dollar value.

Despite the large selling volumes from miners, long-term holders continue to be the most dominant with 40.1% of BTC supply remaining unmoved in the last three years. While BTC prices continue to show intense bearish pressure, the long-term outlook for the cryptocurrency is still very bullish with BTC well above its 200-day moving average.