Bitcoin Miners Sell Over 15,000 BTC Amid Market Changes
- Publicly listed Bitcoin miners have sold more than 15,000 Bitcoin since October.
- Cango sold 4,451 BTC, representing about 60% of its reserves.
- Bitdeer liquidated its entire Bitcoin treasury last month.
- Riot Platforms conducted multiple sales in December, while Core Scientific plans to sell around 2,500 BTC in Q1.
- MARA Holdings holds over 53,000 BTC, making it the second-largest public holder of Bitcoin.
The recent sales by miners indicate a significant shift from the previous strategy of holding self-mined Bitcoin on their balance sheets due to tightening margins and financial pressures within the industry.
This trend is underscored by CleanSpark’s repayment of its Bitcoin-backed credit line to mitigate financial risk amid these challenging conditions. (Source)
