Miners Sell Off Their Stash as Bitcoin Records Biggest Single Transaction
Record $665M Bitcoin moved in a single transaction, leading to massive sales by miners as BTC prices hover around $42K-$43K.
Bitcoin's blockchain recently saw its biggest transaction of the year as $665 million of Bitcoin was moved in just one transaction. Sentiment, a company that analyzes blockchain data, said, "The biggest Bitcoin transaction in 2024, worth $665.3M, happened about 6 hours ago."
This huge transaction involved moving 42,870 Bitcoins in one hour. It was the busiest hour for Bitcoin transfers in nearly six months.
Following this big move, Bitcoin miners have been selling a lot of their Bitcoin. On January 17, they sold over 10,000 Bitcoins. This was the biggest decrease in miner reserves in more than a year. CryptoQuant, another analytics firm, confirmed this, saying miner reserves went down by 10,233 BTC, about $450 million in Bitcoin.
Miners usually sell their Bitcoin when its value goes up, to make more money. They do this to increase their cash or to benefit from higher prices when the market is doing well. Right now, the price of Bitcoin is moving closely between the $42,000 and $43,000 range.
