Riot Platforms moves 1,500 bitcoins over past five days, raising possible selling concerns
Suehyeon Lee
Summary
- Riot Platforms has recently moved a large amount of bitcoin, raising possible selling concerns, it said.
- Riot Platforms was tallied to have deposited a total of 1,500 BTC to NYDIG over the past five days, it said.
- Miners' bitcoin transfers are often interpreted as a preliminary step toward cashing out or selling, it said.
Forecast Trend Report by Period
Bitcoin mining company Riot Platforms has moved a large amount of bitcoin recently, prompting speculation it may be preparing to sell.
According to Lookonchain on the 6th (local time), Riot Platforms made an additional deposit of 500 BTC (about $34.87 million) to digital asset (cryptocurrency) services firm NYDIG. Earlier, Riot Platforms was tallied to have deposited a total of 1,500 BTC (about $102.3 million) to NYDIG over the past five days.
In general, when miners move bitcoin to external custody or trading platforms, it is often interpreted as a preliminary step toward cashing out or selling.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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