Bitcoin (BTC) Miner Sales Rise Amid Growing Macroeconomic Concerns

Recent data shows that Bitcoin miners have begun selling their BTC in earnest. This coincides with rising macroeconomic concerns over high inflation in the US

According to on-chain analytics platform Glassnode, Bitcoin miners' wallet balances have been steadily declining from August 11 to August 23.

A sharp transition from accumulation to sales

This period came after the release of US inflation reports, including CPI and PPI, which reduced market expectations for a rate cut by the Federal Reserve. Bitcoin fell sharply, reaching $108,600 at one point. Altcoin prices fell even more.

During this period, about 4,207 BTC, worth about $485 million, were moved from miners' wallets to be sold. This is a significant change from April-July, when they accumulated 6,675 BTC amid a steady rise in the U.S. stock market.

Usually, the volume of bitcoins sold by miners is not enough to change market trends. However, their large-scale sales can affect the market at critical moments. Miners' reserves amount to 63,736 BTC, which is estimated at more than $7.1 billion.

Will PCE data spark new sales?

Glassnode data shows that there has been no significant additional selling by miners since August 25. However, if adverse macroeconomic factors emerge, selling could resume.

This Friday, US PCE inflation data is due out. Core PCE is expected to rise 2.9% year-over-year, while Headline PCE is expected to rise 2.6%.

If the figures exceed expectations, miners may start selling their assets. At the time of publication, Bitcoin is worth about $109,800, which is 2.8% lower than the day before.

Source: cryptonews.net