2024

Bitcoin

Read

<div class="cryptonews"><p class="is-style-lead">Bitcoin miners parted with more than 10,000 Bitcoin on Jan. 17, marking the largest daily decline in their reserves in over a year.</p><p>The data, sourced from on-chain analytics firm CryptoQuant, indicates that <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/miner.html">miner</a> reserves plummeted by 10,233 BTC representing an amount valued at approximately $450 million.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>#Bitcoin Miners in Selling Mode: Recent on-chain data from @cryptoquant_com indicates a substantial increase in selling activity by #BTC <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/miner.html">miner</a>s. In just the last 24 hours, they've offloaded nearly 10,600 $BTC, valued at approximately $455.8 million! pic.twitter.com/JEtasWfR6N</p>— Ali (@ali_charts) January 17, 2024 </blockquote></div></figure><p>Miners typically alternate between phases of hoarding and selling Bitcoin. A report from Bitfinex last year indicated that <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/miner.html">miner</a>s had been accumulating Bitcoin since mid-2023, when prices and profitability were less favorable.</p><p>However, with recent months witnessing a rise in prices and profitability, miners have transitioned to a selling phase. These sales typically occur to bolster cash flow or take advantage of higher prices during market rallies. Currently, Bitcoin’s price is hovering between $42,000 and $43,000.</p><p>Additionally, Bitcoin <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/miner.html">miner</a> reserves have reached their lowest point since July 2021, now standing at 1.83 million coins. Despite the drop, this amount still represents a significant value of approximately $78 billion.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span> Bitcoin mining: record-breaking in 2023, facing challenges in 2024 </div><h2 class="wp-block-heading" id="btc-hashrate-plummets-by-34">BTC hashrate plummets by 34%</h2><p>The crypto industry is also witnessing a downturn in Bitcoin’s hashrate, which has reached its lowest point in several months. The decrease is partly due to miners redirecting power to the grid during extreme winter storms in the USA, a move aimed at supporting crucial services and household heating needs.</p><p>Bitcoin’s network, regarded as an effective tool for grid balancing, has seen a 34% reduction in hashrate from a high of 629 EH/s to 414 EH/s. The drop is attributed to the Electric Reliability Council of Texas (ERCOT) imposing electricity usage restrictions on businesses amid the harsh weather conditions.</p><p>Despite the latest surge in selling by <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/miner.html">miner</a>s, Bitcoin’s price remains relatively stable. This resilience could be attributed to significant inflows into Bitcoin ETFs, with nearly $900 million invested in the first four days since their launch. These inflows may be driving strong Bitcoin purchases in the open market.</p><p>Conversely, stocks of Bitcoin mining companies have not fared as well, underperforming after their strong rally in 2023. However, a recent research report from Bernstein, published on Jan. 15, suggests that current weaknesses in mining stocks may present an investment opportunity.</p><p>The report identifies two key challenges for these stocks following the approval of spot Bitcoin exchange-traded funds (ETFs): reduced investor interest in utilizing them as a proxy and the impact of lower Bitcoin prices, which could lead to further underperformance.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> Read more: </span> Bernstein predicted Bitcoin’s growth to $150k by 2025 </div><span class="google-news-banner__label">Follow Us on Google News</span></div><p>Source: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/bitcoin-miners-offload-over-10-000-btc-in-single-day-largest-drop-in-over-a-year-tbt76945.html">https://thebittimes.com/bitcoin-miners-offload-over-10-000-btc-in-single-day-largest-drop-in-over-a-year-tbt76945.html</a></p>

Bitcoin miners offload over 10,000 BTC in single day, largest drop in over a year

Table of Contents

TheBitTimes

Other articles published on Jan 18, 2024

Crypto Market Sees Major Pullback Following Spot Bitcoin ETF Listings

AI Is Driving the Next DeFi Evolution; This Solana Rival Priced at Just $0.07 Is Leading the Char...

City of SET Preview Open

Tron: Price Analysis for 10-15% Gains

Rise of Non-Custodial Wallets in Web3: Empowering Users with Enhanced Security and Control

Algorand Slashes Block Time by 20% with Dynamic Lambda Upgrade

Join our free newsletter for daily crypto updates!