Bitcoin Miners Sell $450M in Bitcoin in One Day
On January 17, Bitcoin miners liquidated a record-breaking 10,233 Bitcoins, marking the largest daily decline in miner reserves in over a year.
This information was revealed by CryptoQuant, a provider of on-chain analytics. At current prices, the value of these sold coins amounts to approximately $450 million.
Miners typically alternate between accumulating Bitcoins and selling them. As stated in a Bitfinex report from 2023, miners began accumulating Bitcoins in mid-2023 when prices and profitability were at a low.
As prices and profitability increase, such as in recent months, miners tend to switch to selling their coins. This process is often done to replenish cash flow or to take advantage of higher prices during a rally.
Currently, the price of Bitcoin has been hovering around $42,000 to $43,000. The data also shows that Bitcoin miner reserves are currently at their lowest level since July 2021, at 1.83 million coins. However, this amount is still significant and is equivalent to a value of approximately $78 billion.
Over the past 12 months, the reserve of BTC miners has decreased by 22,800 Bitcoins. However, the total reserve figure has remained relatively stable since early 2021.
