tl;dr
Over the past three weeks, 700,000 BTC have been transferred to over-the-counter desks, suggesting that miners might be preparing to sell or trade their BTC holdings. With the recent approval of a spot Bitcoin ETF, this movement presents an opportunity for miners to utilize their significant BTC res...
Summary: Over the past three weeks, 700,000 BTC have been transferred to over-the-counter desks, suggesting that miners might be preparing to sell or trade their BTC holdings. With the recent approval of a spot Bitcoin ETF, this movement presents an opportunity for miners to utilize their significant BTC reserves to facilitate OTC trades for institutional investors. Notably, this behavior comes amidst an increased number of whales entering the market and a notable increase in UTXOs, indicating that a substantial number of whales and institutions are now entering the market. Additionally, large Bitcoin entities’ holdings have reached a new all-time high since July 2022, signaling increased demand for Bitcoin investments.
Over the past three weeks, around 700,000 BTC have been transferred to over-the-counter (OTC) desks, commonly used by miners, according to CryptoQuant CEO Ki Young Ju. Notably, activity has been observed following the approval of a spot Bitcoin exchange-traded fund (ETF). This raises the question of whether miners are preparing to sell or trade their BTC holdings. The movement offers them an opportunity to earn substantial transaction fees and potentially secure favorable pricing conditions, especially before the much-anticipated Bitcoin halving slated for April this year. It also indicates a shift in behavior as miners had paused offloading their tokens after a series of sell-offs, leading to prices rebounding last month. Coupled with an increased number of whales entering the market, the movement of such significant BTC reserves speaks volumes about the growing interest of whales and institutions in the market.
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