Miners Sell $600 Million Worth Of BTC In Two Days: CryptoQuant
Recent on-chain data from CryptoQuant reveals that Bitcoin miners have been selling off their BTC holdings ahead of the halving event in April. The decline in miner reserves, which track the total amount of BTC held by miners, indicates potential selling pressure for the flagship cryptocurrency.
Over the past two days, miner reserves have dropped by over 14,000 BTC, equivalent to approximately $600 million. This downward trend in miner reserves has been ongoing since August 2022 and has now reached its lowest level in nearly three years.
The increased interaction by miners on exchanges suggests that selling is a probable reason for the movement of funds. Additionally, the “Miner to Exchange Flow” indicator shows an uptick in Bitcoin being transferred from miners to centralized exchanges, which is typically done for selling purposes.
Bitcoin Price
Currently, the price of Bitcoin is hovering just above $43,100, with a minimal decrease of 0.1%. However, on a weekly basis, BTC has seen a profit of over 3%. With a market capitalization of around $846 billion, Bitcoin remains the largest cryptocurrency in the market.
Hot Take: Miners Offloading BTC Raises Selling Pressure Ahead of Halving Event
The recent data showing miners offloading their BTC holdings indicates potential selling pressure for Bitcoin. The decline in miner reserves and increased interaction on exchanges suggest that miners are preparing to sell their coins ahead of the halving event in April. This trend has driven miner reserves to their lowest level in nearly three years. While these selloffs may not significantly impact Bitcoin’s price due to absorption by the market, they provide valuable insight into market dynamics and the crypto ecosystem.
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