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Bitcoin Miners Selling Holdings Ahead of Halving: Important Points to Know

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Bitcoin Miners Selling Holdings Ahead of Halving: Important Points to Know

Bitcoin Miners Selling Holdings Ahead of Halving: Important Points to Consider

As the Bitcoin halving event approaches and the cryptocurrency continues its significant rise, miners have already begun selling their holdings. The amount of tokens held by miners is now at its lowest level since July 2021, with more than 8,400 BTC, valued at approximately $530 million, being disposed of in the last two months alone.

The leading cryptocurrency has seen a nearly 50% increase since the start of the year, trading above $63,000. This surge in price has prompted miners to cash out before the upcoming halving in April.

According to Glassnode data, miners’ holdings have decreased by 8,426 BTC, while they still hold 1,812,482 coins. This decrease in holdings marks the lowest level since July 2021.

The role of Bitcoin miners in the market is crucial, with their sales beginning in October 2023 when they owned around 1.83 million BTC. With the upcoming halving reducing their block rewards from 6.25 BTC to 3.125 BTC, miners are adjusting their strategies by liquidating their holdings to fund the purchase of more mining equipment for increased efficiency.

Despite the sell-off by miners, the positive price momentum of Bitcoin, with a 23.3% weekly gain, is making these sales profitable. As Bitcoin continues to rally, miners are navigating the changing landscape of the cryptocurrency market in preparation for the upcoming halving event.

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