Bitcoin Miners' Selling Year-to-Date: What does it tell us?

1. Bitcoin Miners Using Retail Investors as Exit Liquidity: When the U.S. approved Bitcoin spot ETFs in January, miners sent an unprecedented amount of bitcoins to exchanges. This happened just as interest in Bitcoin peaked, indicating that miners took advantage of the increased attention to sell off their bitcoins.
2. Miner Behavior During Price Peaks: In March, when Bitcoin first exceeded $70,000 to set its current all-time high, miners significantly increased their bitcoin transfers to exchanges. However, this flow rapidly declined to below pre-March levels, despite the price remaining high. This indicates that miners are quick to sell at peak prices but soon run out of bitcoins they are willing to sell at those levels. This suggests that surpassing $70,000 again could be easier this time.
3. Impact of the Fourth Bitcoin Halving: Since the fourth Bitcoin halving two and a half months ago, miners have been compensating for their reduced rewards by drawing from their reserves. This is clear from the decrease in miner reserves and a steady net flow to exchanges. However, this strategy has its limits, as miners are running out of bitcoins to sell.

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