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The transfer of BTC to spot exchanges has increased a lot in the last 24 hours which could lead to a Merge event.
Ethereum’s transition to PoS was successful. With this, spot exchanges have seen large cash flows from BTC, often as a harbinger of volatility.
Data from cryptocurrency analytics source CryptoQuant revealed that the amount of BTC pouring into exchanges has increased significantly in the past hours.
Commenting on the issue, a CryptoQuant analyst said:
Currently, miners’ transfers to spot exchanges (hourly) are 10.4537 as of September 14, 2022, which is higher than the recent peak. Stable values above 10 were last recorded in July-8 before BTC plunged locally. In general, the massive transfer of miners to spot exchanges is often accompanied by further pressure, i.e. miners are selling off BTC and the price of this coin is falling.
When miners transfer their BTC to spot exchanges, it indicates that they are willing to sell them, so the event is a harbinger of stronger volatility, most often prompting a bearish move.
It should also be noted that the cash flow increased a few hours before The Ethereum Merge took place.
It is quite possible that BTC miners are preparing for the market volatility that many analysts are predicting.
