Bitcoin Miners Increase BTC Sales During Market Rally

No surprise that miners have seen a huge increase in BTC sales over the past two months:

Bitcoin Miners Increase BTC Sales During Market Rally

The data shows that miners, in general, have increased sales over the past two months, with some particularly large outflows causing big spikes.

Over the last month, there have been several massive outflows of BTC from miners’ wallets. In mid-January, there were two large outflows of 12,690 BTC ($444 million) and 12,570 BTC ($450 million). On January 29, miners transferred roughly 16,600 BTC (around $570 million at the time) out of their wallets.

Alex Zhao, CEO of Standard Hashrate Group, told Decrypt that Bitcoin miners—at least in Asia—began ramping up their sales as the current bull run picked up steam in January.

“The Asia mining community’s consensus was that Bitcoin would reach a peak at around $20,000. Therefore, many miners sold a significant amount of Bitcoin inventory in the range between $17,000 and $19,000,” Zhao said.

Full article here:  https://decrypt.co/58772/bitcoin-miners-increase-btc-sales-during-market-rally

 

Master Asked on February 23, 2021 in Bitcoin.
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