Some Bitcoin (CRYPTO: BTC) miners may be feeling a bit insecure about their commitment to the world’s leading cryptocurrency, at least that’s one interpretation of on-chain data showing that they are increasingly selling their holdings.
What Happened: Blockchain data shows that the seven-day moving average of Bitcoin miners-to-exchange flow reached a one-month high of 5,893 BTC. A tweet sent by Glassnode Alerts (the Twitter profile sharing on-chain trends of blockchain data firm Glassnode) also pointed out that the previous six-month high of 5,843 BTC was observed on May 14, 2022.
See Also: How To Earn Free Crypto
The cryptocurrency market is still in shambles after the collapse of the Terra (CRYPTO: LUNA) cryptocurrency and its native stablecoin TerraUSD (CRYPTO: UST) resulted in nearly $26 billion vanishing from their shared market cap in a single day last week.
The catastrophe hit Bitcoin very directly, with the Luna Foundation Guard selling as many as 80,000 BTC over three days in a futile attempt to help UST regain its peg to the United States dollar.
