Bitcoin Miners Start Selling: Rate Of BTC Being Sent To Exchanges At 1-Month High

Some Bitcoin BTC/USD miners may be feeling a bit insecure about their commitment to the world's leading cryptocurrency, at least that's one interpretation of on-chain data showing that they are increasingly selling their holdings.

What Happened: Blockchain data shows that the seven-day moving average of Bitcoin miners-to-exchange flow reached a one-month high of 5,893 BTC. A tweet sent by Glassnode Alerts (the Twitter profile sharing on-chain trends of blockchain data firm Glassnode) also pointed out that the previous six-month high of 5,843 BTC was observed on May 14, 2022.

See Also: How To Earn Free Crypto

The cryptocurrency market is still in shambles after the collapse of the Terra LUNA/USD cryptocurrency and its native stablecoin TerraUSD UST/USD resulted in nearly $26 billion vanishing from their shared market cap in a single day last week.

The catastrophe hit Bitcoin very directly, with the Luna Foundation Guard selling as many as 80,000 BTC over three days in a futile attempt to help UST regain its peg to the United States dollar.