Value

Bitcoin

Impact

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin miners have sold over $13B worth of BTC in the first half of December.</li> 
 <li>Despite the aggressive sell-off, Bitcoin’s value remains steady above $100K.</li> 
</ul>  
<p>Bitcoin miners have escalated their selling activities since the digital currency surpassed the significant $100K milestone. In the first half of December, miners sold a total of 140K BTC, equivalent to $13.72B. </p> 
<p>According to data from Santiment, this selling spree has caused a reduction in the miner balance from above 2M to approximately 1.95M coins at the time of writing.</p> 
<h2 id="bitcoin-resilience-amidst-sell-off">Bitcoin Resilience Amidst Sell-off</h2> 
<p>Despite the heightened sell-off, <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> has managed to maintain its value above the $100K mark.</p> 
<p>The intensity of the miner sell-off appears less severe when measured through the miner outflow metric. This metric monitors all miner wallets and their transfers to cryptocurrency exchanges.</p> 
<p>On November 12th, Bitcoin experienced the highest daily miner sell-off of 25K BTC. However, this pressure has been decreasing, as indicated by the diminishing miner outflows.</p> 
<p>The majority of the sell-off may have occurred over the OTC (Over The Counter) markets. Despite this, the overall December sell-off slightly surpassed the demand from ETFs.</p> 
<h2 id="impact-of-miner-selling-on-bitcoin-value">Impact of Miner Selling on Bitcoin Value</h2> 
<p>In the past fortnight, Bitcoin ETFs recorded $4.9B inflows. During the same period, MicroStrategy purchased $3.6 billion worth of Bitcoin.</p> 
<p>Excluding Mara Digital and other firms with Bitcoin corporate treasuries, the demand for Bitcoin from ETFs and MicroStrategy reached $8.3B in the past two weeks. This demand was slightly lower than the $13.72B supply from miners.</p> 
<p>The Puell Multiple, a tool that allows users to evaluate Bitcoin’s value and cycles from the miners’ perspective, suggests that Bitcoin’s value isn’t unsustainably high yet. A high Puell Multiple reading indicates an overvalued Bitcoin, while a low reading suggests an undervalued Bitcoin.</p> 
<p>At the moment, Bitcoin is consolidating below $102K in anticipation of the Federal Reserve’s rate decision on December 18th.</p>

Bitcoin Miners Sold $13B Worth in December – Should Investors be Worried?

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CoinEagle.com

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