Bitcoin

In a significant market development, Bitcoin (BTC) miners have triggered the largest selling wave since May 2023, moving over $173 million worth of BTC tokens to spot exchanges. This activity was marked by a substantial increase in the flow of BTC from miner wallets to exchanges, reaching the highest volume recorded since mid-May 2023, according to <a href="https://cryptopotato.com/bitcoin-btc-miners-unleash-biggest-selling-wave-since-may-2023/">Cryptopotato</a>. 
CryptoQuant, an on-chain intelligence platform, reported that over 4,000 BTC, valued at approximately $173 million, was transferred to these exchanges, indicating a strong selling pressure. Surprisingly, the market has absorbed this pressure with relative ease. <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> remained stable, trading above $42.8k, and even experienced a 7% increase over the week. 
Despite this large-scale movement of funds, mining portfolio reserves have remained stable since the beginning of January. Interactions with exchanges, while significant, did not equate to a complete offloading by miners, suggesting a complex market dynamic amidst this increased activity. 
CryptoQuant advises caution in interpreting these movements, highlighting the possibility that these BTC might circulate back to miners’ wallets. Meanwhile, Bitcoin exchange netflows have largely shown negative trends, indicating a shift from centralized exchanges to self-custody, a move viewed positively as it reduces immediate selling pressure and is generally seen as bullish for the market. 
In the short term, while Bitcoin holders have taken advantage of the recent price surge to realize gains, this has potentially opened opportunities for BTC whales to buy in, likely driving the price higher in the near future.&nbsp;

Bitcoin Miners Initiate Record-Breaking

Ultramining_Eng

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