Bitcoin miners have been seen offloading again as reserves slump to a yearly low, dropping more than 10,000 BTC in a single day.
Bitcoin (BTC) miners sold more than 10,000 Bitcoin in a single day on Jan. 17, registering the largest daily decline in miner reserves in more than a year.
According to data from on-chain analytics provider CryptoQuant, Bitcoin miner reserves declined by 10,233 BTC on Jan. 17, equating to roughly $450 million in Bitcoin.
Miners typically go through phases of accumulation and selling. According to a Bitfinex report last year, miners began accumulating Bitcoin around mid-2023 when prices and profitability were lower.
