As 2024 began with the introduction of new spot ETFs on US markets, Bitcoin experienced a tumultuous journey into the world of traditional finance. However, amidst this historic move, Bitcoin miners have been actively selling their holdings, a trend that has gained significance given recent price fluctuations.
Recent CryptoQuant data, as reported by analyst Ali Martinez, indicates a notable increase in the selling activities of Bitcoin miners. Over a 24-hour period, approximately 10,600 BTC, equivalent to around $455.8 million, were offloaded earlier this week.
The surge in selling activity by Bitcoin miners has raised concerns about potential market repercussions. Their actions could add pressure to the price trajectory, possibly leading to a broader selling trend.
Just two days before the launch of spot Bitcoin ETFs, miners sent approximately 50,000 BTC, valued at around $2.3 billion, to crypto exchanges, marking a 77-month high in miner outflows.
Following the debut of ETFs and the subsequent price decline, investors are now looking forward to the next potential catalyst for a bullish trend: the upcoming halving scheduled for April this year. Bitcoin’s price currently hovers around $42,615, reflecting a 0.7% decline for the day.