Bitcoin Miners Profit, Sell BTC Worth IDR 7.1 Trillion in 24 Hours

Source : Photo by Shubham's Web3 on Unsplash

The year 2024 has commenced with significant developments for Bitcoin, notably the launch of a new spot ETF in the US, marking a historic integration into traditional finance. However, these achievements are overshadowed by the actions of Bitcoin miners selling substantial amounts of their holdings.


Data from CryptoQuant, highlighted by analyst Ali Martinez, reveals that Bitcoin miners have sold approximately 10,600 BTC, equivalent to around US$455.8 million or IDR 7.1 trillion, in just the past 24 hours as of January 17, 2024.

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Sales Preceding the Bitcoin Spot ETF

Source : Photo by Behnam Norouzi on Unsplash

This selling activity occurred just two days before the approval of the Bitcoin spot ETF on January 11, 2023, with miners transferring about 50,000 BTC, valued at approximately US$2.3 billion, to exchanges.

This activity pushed miner outflows to an unprecedented peak in 77 months. Following the ETF launch, the price of Bitcoin briefly surged to US$49,000 on January 11, then declined to US$41,750 on January 14. Currently, the BTC price has stabilized, trading at the US$42,000 level.

Amidst these fluctuations, the market is now looking towards the potential next bullish event, namely the halving expected to occur in April 2024.

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*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.