The Bitcoin market continued to consolidate slightly above $30.3k on Wednesday with a continuation rally eagerly anticipated. The Bitcoin ETF frenzy continued with $4.2 trillion investment firm Fidelity ostensibly preparing to file for another application on Tuesday. Already, BlackRock, Bitwise, Invesco, and WisdomTree have filed for a Bitcoin EFT with the United States Securities and Exchange Commission (SEC). As a result, experts believe the SEC could approve the first Bitcoin ETF due to pressures from big money.
On-Chain Data Shows Bitcoin Miners Are Bullish
With the increased demand for Bitcoin and its products from institutional investors, miners are slowly turning to bullish speculative traders, less than a year after the halving event. According to on-chain analysis provided by CryptoQuant, Bitcoin miners sent more than $1 billion worth of Bitcoins to exchanges but not necessarily to sell.
Specifically, Bitcoin miners have sent about 33,860 BTC units to derivative exchanges since June 15. However, data analysis conducted by CryptoQuant concluded that the majority of the Bitcoins have been crawled back to proprietary wallets.
As a result, Bitcoin miners recorded a reduction of about 8,000 Btc from their reserves with a small portion destined to spot exchanges.
“This could signal that miners may be using their newly minted coins as collateral in derivatives trading activities. A good example of this type of trading is known as “hedging”, which uses bets in the opposite direction to market consensus,” CryptoQuant noted.
