BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Bitcoin Miners Unload Record BTC Amounts, Dropping Reserves to Yearly Low

by BlockNews.com Team
January 25, 2024
in Breaking News, Crypto, Investing
A A
2
SHARES
Share on TwitterShare on Reddit

Bitcoin Miners Sell Large Amounts of BTC As Reserves Hit Yearly Low

Bitcoin miners have been selling significant amounts of BTC recently, causing their reserves to fall to the lowest level in over a year. Nearly $450 million worth of Bitcoin was sold by miners in a single day.

Selling Pressure Building Up

According to data from CryptoQuant, Bitcoin miner reserves declined by 10,233 BTC on Jan 17, registering the largest daily drop in miner reserves in over 12 months.

Miners typically go through cycles of accumulating and selling Bitcoin. When prices and profitability increase, miners switch to selling mode to capture higher prices during a rally. The price of Bitcoin has been ranging between $42,000 to $43,000 recently.

Reserves at Lowest Point Since July 2021

The data shows that Bitcoin miner reserves are now at 183,000 coins, their lowest level since July 2021. However, this is still a significant amount valued at around $78 billion.

Over the past year, miner reserves have fallen by 22,800 BTC, but have remained relatively stable since early 2021. The Bitcoin Miners Position Index started ticking up on Jan 15th, signaling selling was likely imminent.

Network Hash Rate Dropping

Moreover, average hash rates on the Bitcoin network have dropped to their lowest levels since October, currently around 400 exahashes per second.

Meanwhile, several large mining facilities in Texas have recently powered down operations to divert energy to the state during extreme cold weather. This has contributed to the decline in hash rate.

Ongoing Debate Over Miner Influence

The data highlights the ongoing debate around miner influence over Bitcoin price action. Some analysts believe miners have significant ability to move markets based on their selling activity. However, others argue miner behavior is rational based on market conditions.

The next few months will be crucial in determining the interplay between miners, Bitcoin prices, and network fundamentals leading up to the halving in 2024. Miners are expected to accumulate coins ahead of the reduced block rewards. Their strategies around selling versus holding will be closely monitored by market participants.

Tags: BitcoincryptoMining
Tweet1ShareShare1

DON'T MISS THESE! HOT OFF THE PRESS

Crypto

Everything You Need to Know About $DOOD: A New Era for Doodles and Its Ecosystem

May 9, 2025
Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next
Crypto

Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next

May 8, 2025
Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement
Crypto

Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement

May 8, 2025
Stellar XLM Technical Indicators Suggest Imminent Breakout: Here is What You Need to Do
Crypto

Stellar XLM Technical Indicators Suggest Imminent Breakout: Here is What You Need to Do

May 8, 2025
$LTC in a Limbo: Is Litecoin Quietly Gearing Up for a Breakout?
Crypto

$LTC in a Limbo: Is Litecoin Quietly Gearing Up for a Breakout?

May 8, 2025
Cardano ADA On the Verge of a Major Comeback: Here are the Key Levels to Watch
Cardano

Cardano ADA On the Verge of a Major Comeback: Here are the Key Levels to Watch

May 8, 2025
Load More

Related News

Everything You Need to Know About $DOOD: A New Era for Doodles and Its Ecosystem

May 9, 2025
Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next

Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next

May 8, 2025
Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement

Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement

May 8, 2025
Trump Say Upcoming U.S.-China Trade Negotiations May Lower 145% Tariffs: Here is Why

Trump Say Upcoming U.S.-China Trade Negotiations May Lower 145% Tariffs: Here is Why

May 8, 2025
Stellar XLM Technical Indicators Suggest Imminent Breakout: Here is What You Need to Do

Stellar XLM Technical Indicators Suggest Imminent Breakout: Here is What You Need to Do

May 8, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX Gary Gensler grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.