The growing fortunes of Bitcoin continue to headline all the discussions of the cryptocurrency market. The cryptocurrency is the most popular and the largest by market capitalization amongst every other digital asset, as it boasts $1 trillion of the overall $2 trillion worth of the cryptocurrency market.
The cryptocurrency, which had witnessed several ATH price increase in the last three months, continues to be one of the most valuable digital assets in the cryptocurrency world. However, the rising price of the digital asset, which has been the attraction for many investors, is now propelling its miners to sell off their assets, according to recent data by CryptoQuant.
Miners sold their Bitcoin to guarantee profits
The recent bull run of the cryptocurrency, which had seen its price hit as high as $57,000 have now started to force miners to sell in a bit to earn profits off the asset before a dip occurs. The new research shows that miners’ preference to sell rather than hold is at an ATH, as the miners’ sales are on a high.
In January, about $894 million worth of Bitcoin was sold in two separate transactions by Bitcoin miners. About $500 million of the cryptocurrency was also sold late in the same month by its miners. The general belief of analysts behind the sales of Bitcoin by the miners is that they wanted to trade off the assets before a dip in price occurs. Many miners in Asia were reported to have sold their Bitcoin in the bull run of early February, as demand for the cryptocurrency increased within the region.
The CEO of Standard Hashrate Group, Alex Zhao, believes that the need to guarantee profits by miners who spend a lot of money on power and infrastructure was solely behind the Asian miner’s quick sale cryptocurrency. The Executive understands that miners, unlike normal investors, will need their revenue on time to drive their work.
Miners made the most of the Bull run, as Bitcoin future face uncertainty
Bitcoin has been a mess in the past few days, particularly with the record-breaking crash in prices of more than $10,000 in hours, which have plunged the digital asset into the red zone. As the situation appears, the miners looked like they have made the most of the bull run of the cryptocurrency, same with the case of several investors who have traded off their Bitcoins for cash.
The report also detailed that on February 21, a day before the crash in Bitcoin prices, about $470 million worth of the cryptocurrency was also sold by miners to cap off a massive flex of the bull run by the miners. However, the future of Bitcoin is now on the fence, as a market correction that seemed to have occurred yesterday has left the cryptocurrency trailing once more.
The Bitcoin community is yet to be moved by the recent dip, as it believes that the digital will be back shortly. However, it is safe to say that the miners who sold their assets during the bull run are the biggest beneficiaries at the moment, as Bitcoin continues to rally slowly.
