- Activity related to Bitcoin , both in the press and on-chain, has been on the rise in recent weeks ever since BlackRock, the world’s largest asset management firm, filed for a spot Bitcoin exchange-traded fund on June 15, prompting multiple other financial institutions to follow suit.
“Around 33,860 BTC has been sent to derivatives exchanges, although the majority has been recovered back to proprietary wallets,” CryptoQuant said. “Miners saw a reduction of approximately 8,000 BTC in their reserves. In which, only a small portion was sent to spot trading exchanges.” On-chain data analytics provider Glassnode corroborated the observations by CryptoQuant, tweeting on Tuesday, “Miners are currently recording extremely high Exchange interaction, sending an ATH of $128M to Exchanges, equivalent to 315% of their daily revenue.”Miners continue to face significant headwinds despite the rising price of BTC as mining profitability has declined more than 30% since July and is down over 80% since the peak of the 2021 bull market.
The main difference between 1.0 and 2.0 is that in 1.0, “Most institutions adopted Bitcoin as an investment vehicle only for them,” he noted. “Microstrategy, Tesla, and the other companies added Bitcoin to their balance sheet.”
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