Bitcoin Miners Send Record Amounts of BTC to Centralized Exchanges, Glassnode Reports

June 28 (Cointime) - Bitcoin miners have sent a record $128 million to centralized crypto exchanges, which is equivalent to 315% of their daily revenue, according to on-chain analytics platform Glassnode. This latest spike in miner revenue sent to exchanges has dwarfed previous ones during the 2021 bull run. Miners typically send BTC profits to exchanges in preparation to cash out and cover expenses, and the current high price of Bitcoin makes it an attractive time to do so. However, if miners start liquidating, future losses are expected as Bitcoin remains slightly above the $30,000 threshold and struggles to break the major resistance level of $31,000.

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