Bitcoin Halving: Miners Unlikely to Trigger Mass Sell-Off
Crypto News Terminal19 Apr, 2024
Bitcoin Halving: Miners Unlikely to Trigger Mass Sell-Off
CryptoQuant contributor Yonsei_dent has analyzed that "it is unlikely that there will be a sudden mass sell-off by miners around the Bitcoin halving." In the past halving cycles, miners have indeed sold large amounts of coins in the market before the halving to cover operational costs. However, during the last halving, due to the impact of COVID-19, the price of BTC fell, and miners were unable to make a profit through selling, so the selling pressure from miners was relatively low. Since January 2024, when the BTC spot ETF was approved, miners have moved a significant portion of their BTC holdings to ETFs. It seems that miners are already selling their coins in small amounts to secure operating costs in preparation for the halving, and they are currently holding most of their coins through ETFs. Previously on 19 April 2024, CryptoQuant contributor Yonsei_dent analyzed that "it is unlikely that there will be a sudden mass sell-off by miners around the Bitcoin halving."
