105 Million in BTC Moved to Exchanges
- Miners moved $105 million worth of Bitcoin (BTC) onto exchanges as the top crypto reclaimed the $30,000 price point.
- The volume settled on the Bitcoin network has recorded a 211% increase year-to-date.
- “Hot supply” approximates the BTC that is actively participating in price discovery – less than $30 billion worth of BTC is available for trading.
Miner Movement Reaches Record Heights
$105 Million USD-Denominated Transfer On Record
Following Bitcoin’s ascension in spot price above the psychologically key $30,000 level, miners have continued to send large clips of BTC to exchanges. Glassnode reports that this represents the second largest US dollar-denominated transfer on record with miners currently sending $105 million to exchanges.
Network Utilization Continues To Improve
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. This surge suggests “network utilization continues to improve,” although it remains -$8.54 billion (-65%) lower than its all-time high of $13.1 billion when compared to conditions experienced across 2021’s bull market.
“Hot Supply” Available For Trading
Glassnode further examines Bitcoin’s “hot supply,” which it uses to approximate the amount of BTC actively participating in price discovery. The analytics firm finds that 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 representing between 3.5% and 11.3% of total supply respectively at any given time. Perpetual Futures Open Interest (472,000 BTC) and hot supply (511,000 BTC) are similar in size suggesting around 983,000 BTC (~$29.5 billion) is currently ‘available’ for sale – with just under half being represented by spot Bitcoin holdings alone..