Data from blockchain analytics firm Glassnode shows that Bitcoin miners have been moving BTC to cryptocurrency exchanges since the beginning of the year.
A total of about 57,000 BTCs have been sent to exchanges so far in 2022, with 18,500 sent to Binance and 12,500 sent to Coinbase.
However, data on the chain shows that although Bitcoin miners have “collectively surrendered” this year, it does not mean that they have been selling all BTC. Since the short-term sell-off in mid-November, the current selling trend is steadily declining.
In addition, despite the decline in the price of Bitcoin, the computing power of the entire Bitcoin network is currently recovering to the yearly high set in mid-November, and BTC.com predicts that the next network difficulty adjustment will increase by 4.31% to 35.72 T.