Key Points
- Bitcoin miners have sold over $13B worth of BTC in the first half of December.
- Despite the aggressive sell-off, Bitcoin’s value remains steady above $100K.
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.
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.
Bitcoin Resilience Amidst Sell-off
Despite the heightened sell-off, Bitcoin (BTC) has managed to maintain its value above the $100K mark.
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.
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.
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.
Impact of Miner Selling on Bitcoin Value
In the past fortnight, Bitcoin ETFs recorded $4.9B inflows. During the same period, MicroStrategy purchased $3.6 billion worth of Bitcoin.
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.
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.
At the moment, Bitcoin is consolidating below $102K in anticipation of the Federal Reserve’s rate decision on December 18th.
