- Bitcoin miners have been selling actively since the price climbed above $34,000.
- Miners have since offloaded over 5,000 BTCs, worth approximately $175 million.
- The miners are preparing for the upcoming Bitcoin halving that will reduce their block rewards.
According to Ali, a famous crypto data analyst on X (formerly Twitter), Bitcoin miners have been selling actively since the flagship crypto climbed above $34,000. In a recent post, Ali noted that the miners have offloaded over 5,000 Bitcoins, worth approximately $175 million, during this period.
Since #Bitcoin surged past $34,000 in late October, $BTC miners have been selling. Over 5,000 #BTC, worth approximately $175 million, have been offloaded since then. pic.twitter.com/liLCm8Xykx— Ali (@ali_charts) November 10, 2023
Ali’s note agrees with multiple reports of Bitcoin miners selling more BTC than they mined in recent weeks. That has raised curiosity among crypto users, many of whom consider the selloff a profit-taking exercise that could precede a drop in the price of the flagship crypto.
Furthermore, TheMinerMag’s data shows that …
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