Data tracked by CryptoQuant shows that miners are moving bitcoin to exchanges, likely because of a need to build more liquidity in anticipation of higher capital expenditures.
The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Bitcoin Miner outflow has hit a multiyear high as tens of thousands of Bitcoin worth more than a billion dollars have been sent to exchanges. Why is this happening? Well, according to crypto quant data, the majority of the Bitcoin has moved from mining company F two pool analyst, Bradley Park told Coindesk that the move is due to miners facing increased costs. Park pointed to the increased costs of F two pool moving to Ca Kazakhstan and the need to upgrade miners before the having which decreases the rewards for mining and thus the per machine yield. As the reason for the outflow, the next Bitcoin having is expected to take place in April 2024 and some analysts expect the price to catapult to as high as 100 and $60,000 after the event. That's a wrap for chart of the day. I'm Jen Sasi. We'll see you next time to unpack more of the data behind top news stories.