Recent data reveals that Bitcoin miners have picked up the pace of their BTC sales. This selling spree coincides with heightened macroeconomic anxiety, triggered mainly by high US inflation indicators.
According to the on-chain data platform Glassnode, Bitcoin miner wallet balances consistently declined from August 11 to August 23.
Sharp Contrast: From Accumulation to Selling
This period directly follows the release of a series of US inflation reports, including the CPI and PPI, which dampened market expectations for Federal Reserve rate cuts. Bitcoin experienced a sharp drop, falling to as low as $108,600 at one point. Altcoin prices saw even greater declines.
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Specifically, approximately 4,207 BTC, worth about $485 million, were moved from miner wallets for sale during this time.
This marks a significant reversal from their behavior between April and July, when they accumulated 6,675 BTC in line with a stable, upward trend in the US stock market.
Typically, the amount of Bitcoin miners sold is insufficient to reverse market trends single-handedly. However, their large-scale selling can influence the market during critical turning points. Miner reserves total 63,736 BTC, valued at over $7.1 billion.
Will PCE Data Trigger Further Sales?
Glassnode data shows no significant additional selling from miners since August 25. However, if adverse macroeconomic factors emerge, there is a strong possibility of resumed selling.
The US PCE inflation data is scheduled for release this Friday. The market consensus forecasts a 2.9% year-over-year increase for Core PCE and a 2.6% rise for Headline PCE.
If these figures exceed expectations, miners could resume liquidating their holdings. As of reporting time, 10:00 am UTC, Bitcoin is trading around $109,800, down more than 2.8% from the previous day.
source : https://beincrypto.com