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 <p class="paragraph">After many trials and tribulations – and even a string of bankruptcies – Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s have been able to catch a break in late 2023 with a significant rally in the price of the world’s foremost cryptocurrency.</p>
 <p class="paragraph">The New Year saw a new trend with these companies as they started selling their cryptocurrency en masse. As of January 17, <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s have sold a total of 10,600 BTC worth approximately $452 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, per an X post shared by Ali Martinez, a prominent crypto expert.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/86IawXKt0ig6EKlurWKx_oBgshz-R56_GrtEtenrt6e_PlqTES8CSwKK3oKy_XlV5_hSZtrHsEDZDnNqTmqmLh5fUpNF5GOalYWdNuZpgrLkzZLn_FxER3vpwRlFcUIsj6-ffXtr0t0dRHMhfh5hWyg" alt>
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   BTC miner reserve chart. Source: @ali_charts
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 <p class="paragraph">In fact, Bitcoin miners are currently engaged in active selling, and on-chain data indicates that significant selling pressure persists across the major cryptocurrency exchanges, according to the analytics platform <em>Crypto Quant</em>.</p>
 <p class="paragraph">This trend comes as the crypto industry is undergoing several important shifts. Exactly one week ago, on January 10. the SEC announced it had approved a long list of spot Bitcoin exchange-traded funds (ETFs) – the first of their kind in the U.S.</p>
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 <p class="paragraph">The historic decision, while driving volume and boosting investor enthusiasm, also caused a major retracement that saw Bitcoin erase $80 billion from its market cap and the entire crypto market approximately $100 billion in just under a week.</p>
 <p class="paragraph">The selloffs also come 11 days after Bitcoin mining difficulty and expenses rose by an estimated 1.78% and less than a hundred days before the halving – an event that will significantly decrease BTC supply and is expected to have a major impact on prices across the board.</p>
 <h2 class="wp-block-heading" id="h-institutions-increasingly-interested-in-bitcoin-miners-nbsp">Institutions increasingly interested in Bitcoin miners&nbsp;</h2>
 <p class="paragraph">As it turns out, mining companies have also benefited from significant investments from multiple financial behemoths – including those traditionally critical of, if not even opposed to, Bitcoin – which have been pumping <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>s into the sector throughout 2023.</p>
 <p class="paragraph">BlackRock (NYSE: BLK), the world’s largest asset manager with $9.42 trillion in assets under management (AUM), has been a major shareholder of 4 out of 5 biggest mining firms since at least August 2023 and has only ramped up its involvement with these firms throughout the second half of the year.</p>
 <p class="paragraph">Additionally, Vanguard – an investment firm with $7.7 trillion in AUM – has also been pumping money into Bitcoin <a rel="noopener noreferrer nofollow" title="miner" href="https://thebittimes.com/tag/miner.html">miner</a>s and was, as of January 13, the largest shareholder of both Marathon Digital (NASDAQ: MARA) and Riot Platforms Inc. (NASDAQ: RIOT), despite also reportedly blocking its clients from buying the newly-approved BTC ETFs.</p>
 <h2 class="wp-block-heading" id="h-btc-price-analysis">BTC price analysis</h2>
 <p class="paragraph">Bitcoin itself has been undergoing a price correction since the start of 2024 and has already faced two sharp and significant price declines. The first came on January 3, when it erased $60 billion in a day, and the second shortly after the EFT approval when it – after briefly retesting $49,000 – quickly crashed to approximately $42,000.</p>
 <p class="paragraph">Since January 1, Bitcoin is down 3.61%, and the world’s foremost cryptocurrency fell another 0.56% in the last 24 hours, reaching the press-time price of $42,584.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/kZSYRupx_O_nXHZi0GeKYKoAXwAxwKwovM7BIyZl-CkZEe0t8QJB3OLD-V9hE1gGMgTQ4rFHYXc1q65H9JR5QS1MJmxfrwzT8kfwRKwVbAuwAygzanJ7G19PBFGlnCFMQAhZ3HS1heFEwyEM2U8-9Mw" alt>
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   BTC YTD price chart. Source: Finbold
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 <p class="paragraph">Despite this, Bitcoin has shown some growth in the last 30 days – 2.82% – and a remarkable 52-week price increase of 101.28%. At the time of publication, it decisively retains its top position among cryptocurrencies with a market cap of $834 billion.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-miners-dump-over-450-million-in-a-day-tbt76868.html">https://thebittimes.com/bitcoin-miners-dump-over-450-million-in-a-day-tbt76868.html</a></p>

Bitcoin miners dump over $450 million in a day

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