#MINERIA #BTC #ETF #HALVIN

Miners flood the market with more than a million bitcoins

Bitcoin miners are increasingly influencing the market for the leading cryptocurrency. So far in 2024, they have put 1,006,500 bitcoins (BTC) up for sale, that is, almost 5% of the total circulating currency that bitcoin will reach according to their protocol.

In February, miners transferred an average of 16,000 BTC per day from their addresses, although there were days with departures of more than 25,000 BTC. This month is in addition to what happened in January, with thousands of bitcoins outflowing from mining coffers, as reported in CriptoNoticias.

The approval of bitcoin ETFs counted in the United States generated movements of more than 900,000 BTC in the market.
Source: CrypoQuant.
All indications are that miners are taking their bitcoins to exchanges with the intention of selling them in the short term. If you look at the flow of inflows to exchanges, the days with the highest figures coincide with those with the highest volume of outflows from mining addresses, such as January 29 and February 8 and 13.

The record of miners' reserves accounts for these transfers and reaches a minimum of 1,824 million BTC, a figure not seen since July 2021. A few months after that point almost three years ago, the all-time high (ATH) price of USD 68,789 occurred, and then began a phase of accumulation that lasted for much of 2022.

source: Cryptonews