Bitcoin miners sold almost $1 billion worth of Bitcoin after a price spike. The recent halving reduced mining rewards by 50%, prompting miners to offload holdings. This selling trend, while concerning, is viewed by experts as manageable for the market, albeit with potential short-term price pressures due to heavy miner selling.
Bitcoin miners offloaded nearly $1 billion worth of the cryptocurrency following a notable increase in its price. This massive selling spree occurred between April 18 and April 24, during which miners transferred roughly 14,000 Bitcoins to centralized exchanges, coinciding with a price spike that saw Bitcoin trading around $67,000. The total value of the Bitcoins sold during this period was approximately $910 million, making it an ideal opportunity for many miners to realise profits from their holdings.
Mining rewards have been affected by the recent Bitcoin halving, which saw miners’ rewards slashed by 50%. Following the event, it’s reported that the reserve of Bitcoins held by miners has declined significantly. Analyst Ali shared this information via X, highlighting how the drop suggests miners are bracing for potential income risks post-halving. Essentially, they are preparing to manage their operational costs amid lower income from mining.
