© Reuters
TOKYO – In a notable change from their usual “HODL” strategy, bitcoin miners have sold more than 3,000 BTC, worth around 18 billion yen ($129 million). The move could be a sign of increasing selling pressure on cryptocurrency prices.
The sale comes as the price of has seen a recent surge, which may have prompted miners to take advantage of the rise in its value. Traditionally, bitcoin miners are known for holding on to their assets, a practice called “HODLing,” which involves waiting for the cryptocurrency’s value to increase over time before selling.
Despite this significant sale, the collective holdings of bitcoin miners are still considerable, estimated at around $77 billion, or the equivalent of 1,831,447 BTC. This indicates that although a significant amount has been sold, the majority of assets are still held by miners.
The decision by miners to sell a portion of their bitcoin holdings could have various market consequences, including a potential increase in liquidity or changes in the price stability of the digital currency.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.