While investors are investing in Bitcoin, miners are currently taking a slightly different approach. The sell-off of BTC was fueled in part by miners dumping their holdings in the face of falling profitability and rising energy prices.
According to Glassnode, the miners hold a total of 65.2k BTC and have been churning out about 3k-4k BTC per month. In addition, there is a general fear among miners that the Bitcoin price could fall further, which would further devalue their hard-earned rewards.
Bitcoin Miners to Exchange Flow Chart shows that the outflow of Bitcoin from the miners’ wallets to the wallets of the exchanges reached a seven-month high of 9,476 BTC.
In the past, it has been shown that this increase usually indicates that miners are afraid of losing their hard-earned mining rewards and profits, and therefore sell. It is also a sign of the general market sentiment – in this case, sellers still have a firm grip on the market.
