Bitcoin (BTC) has been in a green trend for the past two weeks while holding steady above the $30,000 mark. With the recent rally, bitcoin miners have been depositing their holdings on exchanges.
According to data from CryptoQuant, BTC miners have sent more than $1.675 billion in digital gold, and 54,000 coins, to cryptocurrency exchanges. This is the first massive influx of miners since April, when bitcoin was trading between $28,000 and $30,000.
Moreover, the current situation could lead to a rally in spot selling as open interest in Bitcoin to US Dollars (OI) has not seen a significant change over the past month, according to CryptoQuant.
The influx of miners comes as bitcoin posted a 1% gain over the past 24 hours with a market capitalization of over $602 billion. BTC is trading at $31,030 at the time of writing. The 24-hour asset trading volume also saw a significant jump of 43%, crossing the $16 billion mark.
Moreover, Bitcoin investment products recorded $123 million in inflows over the past two weeks, according to a report by CoinShares.
According to the report, BTC accounted for about 98% of all asset flows in the past two weeks, totaling nearly $125 million. Over the past month, monthly inflows of bitcoin have reached $284.2 million, indicating strong interest from investors.
According to a July 3 report, the amount of BTC inflows to exchanges has dropped by 84% since May 2021, showing signs of bitcoin HODLing on self-holding wallets.