2024

Bitcoin

Reserve

<ul> 
 <li aria-level="1">In December, Bitcoin miners accelerated their sell-offs, liquidating 140,000 BTC valued at $13.72 billion as prices soared.</li> 
 <li aria-level="1">Despite massive sell-offs, Bitcoin’s market value remained resilient, consistently maintaining levels above the $100,000 mark.</li> 
 <li aria-level="1">Institutional interest continues as ETFs recorded $4.9 billion in inflows, with MicroStrategy purchasing $3.6 billion in Bitcoin.</li> 
</ul> 
As Bitcoin’s market price exceeded $100,000, miners intensified their asset liquidations, selling approximately 140,000 BTC in December alone, equating to a market value of $13.72 billion. 
This activity reduced their collective holdings from just over 2 million to 1.95 million bitcoins, according to data from the analytics platform Santiment. 
Despite the extensive asset sell-off by miners, <a href="https://www.ethnews.com/vanecks-2025-crypto-predictions-bitcoin-to-hit-180000-amid-new-u-s-policy-shifts/">Bitcoin’s market price has remained stable</a>, consistently staying above the $100,000 threshold. Analysis of miner outflow, which tracks the transfer of bitcoins from mining wallets to trading platforms, recorded a single-day peak in November where 25,000 BTC were sold. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 So far in December, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> miners have sold over 140,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, totaling $13.72 billion! <a href="https://t.co/1g3sCo6uJM">pic.twitter.com/1g3sCo6uJM</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1867980873728946583?ref_src=twsrc%5Etfw">December 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This selling pressure has since diminished, indicating a slowdown in miner sales activity. 
Further scrutiny suggests a significant portion of these transactions may have occurred off-exchange through Over The Counter (OTC) channels, possibly not captured fully by conventional exchange flow metrics.&nbsp; 
<figure id="attachment_117623" aria-describedby="caption-attachment-117623" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-117623" src="https://www.ethnews.com/wp-content/uploads/2024/12/alichart-Santiment.jpg" alt="alichart-Santiment" width="2048" height="972">
 <figcaption id="caption-attachment-117623" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Meanwhile, demand from institutional avenues such as Exchange-Traded Funds (ETFs) and substantial acquisitions by entities like MicroStrategy, which added $3.6 billion in Bitcoin to its holdings, injected notable liquidity into the market. Over a recent two-week period, inflows into <a href="https://www.ethnews.com/blackrocks-bitcoin-endorsement-signals-growing-institutional-acceptance/">Bitcoin ETFs</a> totaled approximately $4.9 billion. 
<figure id="attachment_117643" aria-describedby="caption-attachment-117643" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-117643" src="https://www.ethnews.com/wp-content/uploads/2024/12/Bitcoin-Miner-Outflow-Total-All-Miners.png" alt="Bitcoin-Miner-Outflow-Total-All-Miners" width="2048" height="1152">
 <figcaption id="caption-attachment-117643" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Nevertheless, the aggregate demand from ETFs and major corporate buyers like MicroStrategy, amounting to $8.3 billion, did not fully offset the $13.72 billion sold by miners, highlighting a potential imbalance in supply and demand dynamics. 
To gauge the economic impact of these sales, the Puell Multiple, a valuation metric that assesses the revenue streams of <a href="https://www.ethnews.com/anthony-scaramucci-predicts-china-will-rejoin-bitcoin-mining-by-2025-influenced-by-u-s-digital-currency-policies/">Bitcoin miners</a> relative to the asset’s price, was consulted. 
 This <a href="https://sosovalue.com/assets/etf/us-btc-spot">metric suggested</a> that at a value of 1.3, Bitcoin is currently not overvalued based on historical mining revenue data. The metric approached 2.4 earlier in the year, coinciding with a local price peak of $73.7K, indicating higher valuation thresholds. 
<figure id="attachment_117663" aria-describedby="caption-attachment-117663" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-117663" src="https://www.ethnews.com/wp-content/uploads/2024/12/BM-Pro-Puell-Multiple.png" alt="BM-Pro-Puell-Multiple" width="1495" height="1007">
 <figcaption id="caption-attachment-117663" class="wp-caption-text">
 Source: BM Pro
 </figcaption>
</figure> 
As the cryptocurrency community anticipates the upcoming Federal Reserve rate decision on December 18th, Bitcoin’s price action remains closely watched, trading just below $102,000. 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of Bitcoin (BTC) is $101,434 USD, with no significant changes over the last 24 hours. Over the past week, BTC has gained 1.54%, showing an impressive 140.04% growth year-to-date. Its market capitalization stands at $2.01 trillion USD, reinforcing its dominance in the crypto market. 
Analysts predict further potential growth, with some estimates suggesting Bitcoin could reach $180,000 by 2025, highlighting its long-term potential​. 
The post <a href="https://www.ethnews.com/increased-bitcoin-liquidation-by-miners-coincides-with-market-highs-above-100k/">Increased Bitcoin Liquidation by Miners Coincides with Market Highs Above $100K</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Increased Bitcoin Liquidation by Miners Coincides with Market Highs Above $100K

ETHNews

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