Cryptocurrency miners have sent a total of 33,860 BTC to crypto exchanges since June 15, which equates to more than $1 billion.
According to CryptoQuant, most of the assets have passed through derivatives trading platforms and returned to owners' wallets.
In total, miners have reduced their holdings by approximately 8,000 BTC (about $242 million). At the same time, only a small fraction of them have been sent to spot exchanges.
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The company's analysts have said:
"This could signal that miners may be using their newly minted coins as collateral in derivatives trading activities. A good example of this type of trading is known as ‘hedging,’ which uses bets in the opposite direction to market consensus."
Experts have added the influx of BTC on exchanges will not put serious pressure on their price, as the coins do not hit the spot markets.