Monday, 26 February 2024
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BitcoinCrypto

$450 million worth of bitcoin was dumped in a single day

  • On January 17, Bitcoin miners sold more than 10,000 coins in a single day.
  • The miners go into a selling phase when prices and profitability rise.
  • On January 15, there was a little increase in the Bitcoin MPI, suggesting that selling might occur.

On January 17, Bitcoin miners sold more than 10,000 coins in a single day, which resulted in the biggest daily decrease in miner reserves in more than a year. Miner reserves for Bitcoin decreased by 10,233 BTC or around $450 million at the current exchange rate.

Miners usually go through phases of buying and selling, with the price of Bitcoin peaking around the middle of 2023 at a time when profitability and prices were lower.

Bitcoin(BTC)

The miners go into a selling phase when prices and profitability rise. While 1.83 million coins represent the lowest miner reserves of Bitcoin since July 2021, it is still a sizable hoard worth almost $78 billion.

The total amount of BTC reserves has been largely steady since early 2021, despite a 22,800 BTC decrease in miner reserves during the last 12 months. On January 15, there was a little increase in the Bitcoin Miners’ Position Index (MPI), suggesting that selling might occur.

To manage the anticipated cost hikes that will follow the BTC halving event in April or May, bitcoin mining companies Riot, TeraWulf, and CleanSpark are in the best position. With only 400 exahashes per second, average hash rates have fallen to their lowest points since October.

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