Miners moved $105 million worth of Bitcoin (BTC) onto exchanges as the top crypto reclaimed the $30,000 price point, according to the digital asset analytics firm Glassnode.
Glassnode says it represents the second-largest US dollar-denominated transfer on record.
“Following the ascension in spot price above the psychologically key $30,000 level, Bitcoin miners have continued to send large clips of BTC to exchanges.
Currently, miners are sending $105 million to exchanges, the second largest USD-denominated transfer on record.”
Glassnode also notes that the volume settled on the Bitcoin network has recorded a 211% increase year-to-date, climbing from $2.16 billion to $4.56 billion. The firm says the surge suggests “network utilization continues to improve.”
“However, when compared to the conditions experienced across the 2021 bull market, the current settlement value remains a significant -$8.54 billion (-65%) lower than the ATH (all-time high) of $13.1 billion.”
Glassnode also examines Bitcoin’s “hot supply,” a term it uses to approximate the BTC that is actively participating in price discovery. According to the analytics firm, less than $30 billion worth of BTC is available for trading.
“With a median size of 0.67 million BTC and a maximum of 2.2 million BTC, hot supply represents between 3.5% to 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 around 983,000 BTC (~$29.5 billion) is currently ‘available’ for sale, with just under half of this being spot Bitcoin.”
Bitcoin is trading at $30,907 at time of writing.
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