In the past two weeks, Bitcoin (BTC) miners have moved more than a billion dollars worth of the cryptocurrency to exchanges, but not necessarily to sell them, CoinDesk reported on Wednesday.
Miners are entities that use huge computing power to solve complex encryptions and create blocks on the Bitcoin blockchain. They earn 6.25 BTC for each block, which they usually sell to fund or expand their operations.
According to analytics firm CryptoQuant, over 33,860 BTC were sent to derivatives exchanges on Tuesday, but most of them were withdrawn and returned to proprietary wallets.