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Bitcoin miners are capitalizing on BTC’s surging prices and have sold 943 BTC, reducing reserves to the lowest levels in 15 years.
As the Bitcoin price surges towards the psychological $100K, miners have taken advantage of the price increase to pocket profits. A look into the on-chain metrics reveals that miners have been capitalizing on BTC’s price rally, selling around 943 Bitcoins.
They have pocketed approximately $850 million between April 15 and April 28. The sell-off came during Bitcoin’s price rally from $84,000 to around $94,570.
As a result of this capitalization, Bitcoin reserves have declined from approximately 1.8083 to 1.8081 million BTC in this period. This is the lowest since February 2010, 15 years ago.
Why are Miners Selling BTC?
Miners face pressure from increased operational costs that could trigger financial instabilities. The trade tariff war in April hit miners hard as equipment prices surged. Additionally, reduced block rewards post the Bitcoin halving event meant decreased income.
However, the rising institutional demand for BTC is absorbing the miner supply, and BTC’s rally remains unaffected by the sell-offs.
