BTC Miners Sell Off 30,000 BTC in 74 Hours, Analyst Says
CryptoNewsTerminal Staff11 Sep, 2024
BTC Miners Sell Off 30,000 BTC in 74 Hours, Analyst Says
Ali Martinez, a cryptocurrency analyst and trader, analyzed data showing that "BTC miners have sold 30,000 BTC ($1.71 billion) in the past 74 hours." Bitcoin miners are individuals or companies that verify transactions and secure the Bitcoin network. They earn BTC as a reward for their work, and they typically hold onto their BTC in anticipation of future price increases. However, the recent price decline has put pressure on miners to sell their BTC in order to cover costs. The selling pressure from miners has contributed to the further decline in the price of BTC. The analyst's findings suggest that the bear market for BTC may not be over yet. If miners continue to sell their BTC, it could put further downward pressure on the price.
