Bitcoin (BTC) miners are actively capitalizing on the recent price surge. This occurs amidst market dynamics and high Bitcoin prices, leading to increased sales from miners and significant investors.
Long-term Holding and Current Liquidation
Miners have long held onto 2 million Bitcoin, but have recently started partially liquidating their reserves. Since August, miner reserves decreased from 2.08M BTC to 2.03M BTC. Over the past year, BTC production costs ranged from $23,000 to over $73,000 post-halving. Last week's price recovery enabled miners to take profits to support their operations.
Market Impact and Expectations
Miner outflows do not always align with market tops, but they are a reason for profit-taking. BTC is expected to further appreciate above current levels due to its accumulation range, though this remains risky. Sales of newly mined BTC help offset high costs associated with infrastructure development.
Major Investor Activities
Large-scale BTC holders have begun cashing out their holdings as all-time highs are reached. A recent significant investor moved 1,920 BTC to Binance to realize profits. Whale sales can exert downward pressure on the market, potentially stabilizing prices.
Currently, many miners and major investors are using the Bitcoin price surge to secure short-term gains. This might indicate a local market peak accompanied by high market activity. Further price volatility is anticipated, given current trends and the behaviors of large market players.
