Data from Glassnode shows that Bitcoin miners sent a record amount of revenue to exchanges on Tuesday.

The last time exchanges recorded large inflows from miners was during the 2021 bull market when Bitcoin’s price was trading well above $50,000. However, in terms of percentage of miner revenue sent to exchanges, the recent spike far exceeds the level seen in the previous bull market.

Bitcoin’s price had been trading between $15,000 and $30,000 for the better part of a year, only recently hitting a 52-week high of $31,300 last week. Hash rate and mining difficulty are also at similarly high levels, meaning the profitability of miners has been far from lucrative of late.

However, with Bitcoin still holding its ground above the $30,000 mark, some market analysts believe that miners are poised to sell their coins and take profits.

Data compiled by CryptoQuant shows that miners sent over $1 billion in Bitcoin to crypto exchanges over the last two weeks.

“The activity of miners’ portfolios has been since June 15th, pointing to signs of currency outflows, which have been heading towards exchanges. Around 33,860 BTC has been sent to derivatives exchanges, although the majority has been recovered back to proprietary wallets,” wrote CryptoQuant analysts on Twitter.

Still, they noted that the overall reduction in miners’ reserves amounted to just 8,000 BTC and only a small portion of this went to spot trading exchanges. The analysts surmised that the majority of newly minted coins sent to derivatives exchanges could be used as collateral in trading activities in order to hedge against adverse market movements.