BTC miners sell 15K BTC since October amid risk-off shift

Major Bitcoin mining companies are abandoning their strategy of holding BTC and are instead cashing out to reduce risk, Cointelegraph reported. Miners have sold a total of 15,000 BTC since October of last year. Cango sold 4,451 BTC in February, representing 60% of its holdings, while Bitdeer sold its entire BTC position during the same period. Riot Platforms also sold off portions of its holdings on several occasions last December, and Core Scientific has announced plans to sell 2,500 BTC within the first quarter of this year. Additionally, MARA Holdings, the largest publicly traded mining company, recently mentioned the possibility of selling its BTC holdings. This trend marks a stark contrast to previous cycles, where miners typically accumulated their mined BTC in treasury in anticipation of further price increases. The report added that miners are taking measures to reduce financial risk amid increasing margin pressure after the market environment deteriorated sharply following large-scale forced liquidations last October.