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Bitcoin Miners in Historic Sell-Off, Dumping Over 30,000 BTC Worth $2B This Month

Published 23/06/2024, 13:15
© Reuters. Bitcoin Miners in Historic Sell-Off, Dumping Over 30,000 BTC Worth $2B This Month

Coin Edition -

  • Bitcoin miners sold over 30,000 BTC in June, the fastest pace in a year.

  • This rapid sell-off has reduced miners’ reserves to their lowest level in more than 14 years.

  • This sell-off is due to lower profits after the Bitcoin halving event.

Bitcoin miners have liquidated over 30,000 BTC, valued at approximately $2 billion, since the start of June, according to a recent report by analytics platform IntoTheBlock. The report’s graphical representation shows that miners’ reserves, which stood at over 1.94 million BTC at the beginning of June, fell below 1.91 million BTC by June 22.

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