On January 17, 2024, bitcoin miners sold 10,600 BTC valued at $455 million, resulting in a decline in reserves to the lowest level in a year.
Since October 2023, there has been a noticeable trend of bitcoin miners decreasing their reserves.
This can be attributed to the surge in the exchange rate of the leading cryptocurrency in recent months.
According to CryptoQuant, the reserves of bitcoin mining companies have decreased by 22,800 BTC ($975 million) over the past 12 months.
🚨 #Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC miners. In just the last 24 hours, they've offloaded nearly 10,600 $BTC, valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N
— Ali (@ali_charts) January 17, 2024
Despite the ongoing decline, the overall reserve figure has remained relatively stable since July 2021. Cryptocurrency mining companies currently hold approximately 1.83 million #BTC, equivalent to around $78 billion.
Furthermore, it has been reported that the outflow of bitcoins among miners reached its highest level since August 2017. This increased outflow is considered a "bearish" signal by experts, indicating a potential risk of further rate decline.
In addition to these developments, on January 18, 2024, the bitcoin #hashrate experienced a significant drop of 34%. Some media sources attribute this decline to the unusually cold weather conditions in Texas, USA.
Interestingly, there is now a growing trend among bitcoin miners to invest in artificial intelligence (AI) as a means to diversify risks.
