Bitcoin miners dump over $450 million in a day
After many trials and tribulations – and even a string of bankruptcies – Bitcoin (BTC) miner s have been able to catch a break in late 2023 with a significant rally in the price of the world’s foremost cryptocurrency. The New Year saw a new trend with these companies as they started selling their cryptocurrency en masse. As of January 17, miner s have sold a total of 10,600 BTC worth approximately $452 million , per an X post shared by Ali Martinez, a prominent crypto expert. BTC miner reserve chart. Source: @ali_charts In fact, Bitcoin miners are currently engaged in active selling, and on-chain data indicates that significant selling pressure persists across the major cryptocurrency exchanges, according to the analytics platform Crypto Quant . This trend comes as the crypto industry is undergoing several important shifts. Exactly one week ago, on January 10. the SEC announced it had approved a long list of spot Bitcoin exchange-traded funds (ETFs) – the first of...