Miners sell Bitcoin at 3rd largest scale ever, bearish signal.

The data on the blockchain shows that Bitcoin miners may have been selling the cryptocurrency recently at a historical rate, which could have a negative impact on its price. The on-chain analytics firm Glassnode has reported that the inflow of Bitcoin from miners to centralized exchanges has peaked at $70 million. This means that miners are currently sending a large number of coins to these platforms for selling-related purposes, which can have a bearish effect on the cryptocurrency’s value. The recent high values of the indicator have come as the cryptocurrency has been gradually heading downwards, which may imply that some miners are panic selling their holdings. The asset’s value has dropped below the $26,000 level due to these elevated inflows. The peak inflow spike observed on 3rd June saw the indicator reach a value of around $70.8 million. This is a historically extraordinary level for the metric, as only two trading days in the entire lifetime of the coin have seen the miners depositing at a larger scale. This trend of miners selling Bitcoin at a high rate may be bad news for the market. At the time of writing, Bitcoin is trading around $25,900, down 3% in the last week.