Bitcoin miners have been offloading again as reserves slump to a yearly low, dropping more than 10,000 BTC in a single day.
Bitcoin (BTC) miners sold more than 10,000 Bitcoin in a single day on Jan. 17, registering the largest daily decline in miner reserves in over a year.
According to data from on-chain analytics provider CryptoQuant, Bitcoin miner reserves declined by 10,233 BTC on Jan. 17, which is roughly $450 million at current prices.
Miners typically go through phases of accumulation and selling. According to a 2023 Bitfinex report, miners began accumulating Bitcoin around mid-2023 when prices and profitability were lower.
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Source: https://cointelegraph.com/news/bitcoin-miners-selling-mode-450m-btc-in-a-day