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Following the United States Securities and Exchange Commission’s (SEC) charges against the two largest crypto exchanges, the market has witnessed various movements across different groups. However, according to recent data, the long-term holders have been hopeful and firm of their stance in recent times.&nbsp;



As per data from Glassnode, an on-chain analytics firm, the volume of Bitcoins sent to exchanges by the long-term holders have been very calm despite the US regulatory war. Data suggests that the Bitcoin supply sent to exchanges has been reported to be as low as 0.04%.&nbsp;






Glassnode says that the long term holders’ sentiment in recent times highlight the profound inactivity of the cohort amidst elevated market distress. This implies that the long term holders are remaining indifferent to the Binance and Coinbase regulatory charges.



Simultaneously, across the past week, Bitcoin miners have been sending a significant amount of coins to exchanges. Reportedly, the inflows have marked the largest record lately approximately equal to $70.8 million. Data suggests that the recent inflows have recorded the third largest inflow on record as of date. The peak was recorded at $101 million in the primary bull market of 2021.&nbsp;






Additionally, another set of data from Glassnode suggests that despite an uncertain macroeconomic environment alongside intensifying regulatory pressure, Bitcoin miners have been active on chains. Glassnode suggests that ASIC for miners continue to come online as the Bitcoin hashrate has reached an all-time high level.&nbsp;



An application-specific integrated circuit (ASIC) miner is a computerized device that uses ASICs for the sole purpose of mining bitcoin or another cryptocurrency. An application-specific integrated circuit (ASIC) is generally optimized to compute just a single function or set of related functions.



Currently, the Bitcoin hashrate as the seven day moving average (7DMA) reaches an all-time high (ATH) of 381 EH/s. Analysts suggest that the current figure is equivalent to 381 quintillion guesses attempted every second to solve the puzzle.&nbsp;






Notably, the high increasing miners’ Bitcoin supply to exchanges when compared to the long-term holders suggests the diverse sentiment and activity across the different groups and classes towards the asset. In all, the exchange inflows in the past week for Bitcoin and Ethereum were recorded to be increasing, which shows that the investors are uncertain amid the regulatory scrutiny.&nbsp;



Previously, following the collapse of FTX exchange in November along with the other events which contributed to the prolonged bear market of 2022, the miners sold their holdings rapidly. It was <a href="https://news.todayq.com/glassnode-bitcoin-miners-have-sold-over-7-7k-bitcoin-in-the-last-week/">reported</a> that miners were selling significant amount of coins due to the increasing losses.



Last week, the SEC filed charges against two major crypto exchanges &#8211; <a href="https://news.todayq.com/after-cftc-sec-charges-binance-for-violating-laws-claims-12-stablecoins-as-securities/">Binance</a> and <a href="https://news.todayq.com/us-sec-slams-a-lawsuit-on-coinbase-months-after-the-wells-notice/">Coinbase</a> for operating illegally and selling unregistered security. Following this, the SEC <a href="https://news.todayq.com/binance-calls-secs-motion-to-freeze-its-assets-unwarranted/">filed</a> an emergency motion to freeze the assets of Binance which triggered significant movement among the investors across the assets hinting towards panic and uncertainty.&nbsp;



Also, as <a href="https://news.todayq.com/regulatory-pressure-divides-global-bitcoin-market-asia-thrives-as-u-s-firms-turn-cautious/">reported</a> by Todayq News, the increasing regulatory pressure in the US has led to an 11% year-over-year decrease since June 2022, indicating a waning trust in Bitcoin’s resilience among American traders.&nbsp;



Simultaneously, the same movement has triggered traders to seek <a href="https://news.todayq.com/investors-turn-to-stablecoins-over-btc-and-eth-amid-the-increasing-regulatory-scrutiny/">refuge</a> in stablecoins, perceiving them as a safer alternative. Additionally, the threat of potential compliance-related penalties and clampdowns has incentivized a shift towards more conservative investments, even at the expense of potentially higher-yield opportunities.&nbsp;
© Todayq News

BTC miners’ supply to exchanges reach third highest figures amid the regulatory crackdown

Todayq News

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