Bitcoin miners offload over 10,000 BTC in single day, largest drop in over a year
Bitcoin miners parted with more than 10,000 Bitcoin on Jan. 17, marking the largest daily decline in their reserves in over a year. The data, sourced from on-chain analytics firm CryptoQuant, indicates that miner reserves plummeted by 10,233 BTC representing an amount valued at approximately $450 million. #Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC miner s. In just the last 24 hours, they've offloaded nearly 10,600 $BTC, valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N — Ali (@ali_charts) January 17, 2024 Miners typically alternate between phases of hoarding and selling Bitcoin. A report from Bitfinex last year indicated that miner s had been accumulating Bitcoin since mid-2023, when prices and profitability were less favorable. However, with recent months witnessing a rise in prices and profitability, miners have transitioned to a selling phase. These sales ...