Miners have been holding onto a significant amount of Bitcoin (BTC) for several months, but they have recently started liquidating some of their holdings as BTC continues to trade close to $90,000. Miner reserves have gradually decreased from 2.08M BTC to 2.03M BTC since August. The recent price rally has kept miners competitive, even though mining operations have been running below breakeven prices. Some miners are taking profits to cover their operations, but they still maintain a long-term outlook. The Royal Government of Bhutan has also joined in selling BTC, sending 367.26 BTC to Binance after holding it for months. Miner inflows have reached their highest level since the sell-off in August, following the activation of a wallet from 2011 that contained coins from the Satoshi era. Miner outflows don't always coincide with market tops, but historical data shows that big outflows have occurred during significant rallies. BTC is currently in an accumulation range, but any pullback could put recent buyers in the red. Miners are selling their coins for at least $15K profit, even though they have been mining at a loss and holding since the halving in April. Whales are also taking profits near the all-time high for BTC, while retail buyers may be entering the market. The net unrealized profit for BTC is close to 2021 levels, which historically suggests a market peak and the possibility of a drawdown.



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