2024 kicked off with a tumultuous journey for Bitcoin, marked by the introduction of new spot ETFs on US markets. Bitcoin’s entry into traditional finance represents a historic move, but miners seem to be selling off their holdings.

This development is especially significant in light of the recent fluctuations in Bitcoin’s price.

According to the latest CryptoQuant data cited by popular analyst Ali Martinez, Bitcoin miners are currently engaged in selling their holdings.
There has been a significant uptick in the selling activities of miners, with approximately 10,600 BTC, equivalent to around $455.8 million, being offloaded earlier this week within a 24-hour period.
The increased selling activity of Bitcoin miners may have significant repercussions for the market. Their activities could exert additional pressure on the price direction, potentially leading to a selling spree.

#Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC miners. 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

Two days before the launch of spot Bitcoin ETFs, Bitcoin miners offloaded approximately 50,000 BTC, worth around $2.3 billion, to crypto exchanges, pushing miner outflow to a 77-month high.
On January 11, the day when the instruments started trading, Bitcoin experienced an increase, reaching $49,000. However, three days later, it dropped to a low of $41,750 on January 14. The asset has since stabilized below the $43,000 range, currently being traded at $42,615, reflecting a 0.7% decline for the day.
Following the ETF debut and the subsequent price decline, investors are now anticipating the next potential bullish trigger – the upcoming halving slated for April this year.

The post Bitcoin Miners Offload 10,600 BTC in 24-Hours: Data appeared first on CryptoPotato.

---

Filed under: Bitcoin - @ January 18, 2024 7:14 am