Miners brought down the price of BTC: in 48 hours, companies sold more than 85.5 thousand coins
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Johny Smith
2024/12/18
3 mins read
Over the past 2 days, miners sold 85,503 BTC, which was one of the largest sales in 2024. This volume is equivalent to approximately $2.9 billion at current exchange rates. Data from Santiment shows that digital coin holdings in the wallets of virtual currency miners decreased by 4.1%, falling from 2.08 million BTC to 2 million BTC in just 48 hours.
The sharp sell-off put significant pressure on the price of Bitcoin. However, researchers note that the actions of miners this year generally did not correlate with changes in digital currency quotes. This means the market reaction may be more neutral than expected. Nevertheless, the effect was produced.
It is noted that since April 2024, miners have been gradually reducing their balances of digital coins. However, such a large volume of sales in a short period of time raises questions about possible problems in the industry. Experts attribute this to high operating costs and a decrease in the profitability of mining the flagship cryptocurrency.
Interestingly, at the same time, non-miners, including large holders (market whales), continue to accumulate BTC. This confirms that long-term investors remain confident in the future of Bitcoin, despite current price fluctuations, and are in no hurry to take profits, not believing that they will be able to repurchase cheaper in the near future, but expect continued growth.
According to experts, the distribution of BTC between different groups of market participants is becoming a key indicator of sentiment. Miners often use reserves to cover expenses, and their sales can signal difficulties in the sector. In addition, they can sell assets before the end of the financial year. Santiment emphasizes that this event should be considered a “neutral signal.” In the coming days, the market will show whether the sell-off will have a long-term impact on the price or whether it will remain stable due to support from other investors.
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