TechFlow news, on July 5, according to CryptoQuant analyst joaowedson's statistics, Bitcoin miners transferred a total of $166.2 billion worth of Bitcoin to centralized exchanges (CEX) from 2023 to 2024, with the majority occurring in 2024, while only withdrawing $48 billion worth of Bitcoin.
joaowedson pointed out that such large-scale transfers by Bitcoin miners are unprecedented, making them the largest sellers in the cryptocurrency market. This phenomenon has led to oversupply and weak demand, further impacting Bitcoin's price. Miners typically sell Bitcoin when prices rise to cover production costs, electricity bills, and expenses for increasing computing power. However, the situation in 2024 is particularly different, as the massive inflow of Bitcoin into exchanges may have intensified the decline in Bitcoin's price.
