Bitcoin Miners Sell Over $160 Million Worth of Bitcoin During Price Surge
Bitcoin miners have sold 5,492 Bitcoin, worth around $164 million, during the recent crypto rally, indicating a strategic sales approach. The liquidation-to-production ratio for October was 105%, with miners selling not just the month's yield but also dipping into reserves. This trend is not just about capitalizing on the price surge, but also preparing for the upcoming halving event, which will reduce miner rewards by 52.2%. Selling now is a tactical move for miners to strengthen their financial buffer against the expected dip in mining income.
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