Bitcoin miners sold $1.78B in BTC this year, adding to weakness: CoinDesk

Bitcoin miners’ sales totaled $1.78 billion this year, adding to market pressure, CoinDesk said in an analysis. The outlet said Bitcoin’s weakness this year was influenced not only by outflows from spot Bitcoin ETFs in the U.S. and selling by Bitcoin treasury companies, but also by sales from Bitcoin mining firms. It said a major factor behind BTC’s decline was large-scale outflows from U.S. spot Bitcoin ETFs, which have seen net outflows of more than $4.4 billion so far. It added long-term holders and Bitcoin treasury companies, including Strategy (MSTR), also increased pressure on the market through selling. Listed Bitcoin miners also sold a substantial amount, with their holdings falling from 127,000 BTC at the start of the year to 99,000 BTC currently. That implies sales of about 28,000 BTC, worth $1.78 billion at current prices. While smaller than ETF outflows, CoinDesk said steady selling can have a relatively larger effect on prices in a weak market with limited buying demand, adding that miners’ selling earlier this year has not received enough attention despite being one factor behind Bitcoin’s underperformance.