Mining strategy. The cryptocurrency market is on the rise again, still led by the master of the place. Indeed, this return to an uptrend was strongly supported by the recent approval of spot Bitcoin ETFs. A dynamic that some see as the promise of a spill of liquidity from traditional finance into the crypto ecosystem. At the same time, Bitcoin miners are starting to breathe more freely again. The opportunity for them to carry out a massive sale of more than 10,000 BTC on yesterday alone.
Bitcoin miners and the bull market
The cryptocurrency market is driven by a multitude of cross-strategies. And, in the end, it is the fragile balance of these numerous associated combinations which allows us to support a sustainable bull market.
An equation within which the miners of Bitcoin occupy a special place. In fact, they are the exclusive holders of all the latest BTC created. A jackpot managed according to a principle of accumulation and sale at the most opportune times. All this within a activity presented as at a crossroadsbetween halving approach, profitability and ecological issues.
A digital industry for which the latest bear market – glacial and interminable – will not have been without consequences. But clearly, the time to sell has come.
Bitcoin miners go into sell mode
The numbers just fell like starting a race. On the single day of January 17, the bitcoin miners operated the massive sale of 10,233 BTC in total (more than $455 million). That’s to say biggest daily drop of their reserves for over a year.
“Bitcoin miners have gone into selling mode: recent on-chain data from CryptoQuant indicates a substantial increase in selling activity by BTC miners. In the last 24 hours alone, they have offloaded almost 10,600 BTC, worth around $455.8 million! »
At the same time, Bitcoin miners’ reserves are at their lowest level since July 2021, with 1.83 million BTC on the counter. But there is no need to worry, because this jackpot still represents a trifle of $78 billion at its current price!
A sales operation which generally consists of rebuild cash flow when the price of Bitcoin shows a significant increase. And this could in particular make it possible to prepare for the next bull run, as Riot Platform apparently already did last December. Because the year 2024 and its halving promise the prospect of great performances.