CryptoQuant: bitcoin miners have broken the absolute record for cryptocurrency sales

Bitcoin miners BTC $62,581.73 Bitcoin 0.71% Market capitalization $1.24 trillion VOL. 24 hours $0.5 billion are breaking records in 2023 and 2024, according to experts from CryptoQuant. The experts noted that digital currency miners have become leaders in sales, sending the largest number of coins to exchanges in history.

Over the years, miners have transferred $ 166.2 billion worth of bitcoins to trading platforms, while withdrawing only $ 48 billion. This resulted in a difference of $ 118 billion, with the bulk of sales occurring in 2024. According to analysts, this strengthens the position of miners as the largest sellers in the cryptocurrency market.

As 2024 approached, the pace of transfers to crypto exchanges increased, which directly affected the oversupply and low demand in the spot market. Experts believe that the resilience of miners in a highly competitive market allows them to make a profit during price spikes to cover production costs, electricity, and increased computing power. However, the year 2024 may see a further decline in the price of bitcoin due to the growing inflow of BTC to the exchange.

Experts point to several factors contributing to this scenario. First, the increasing complexity of mining requires significant investments in equipment and electricity, which forces companies to sell more coins to cover the rising costs. Secondly, macroeconomic instability and fluctuations in the US dollar may push market participants to actively sell to lock in profits and minimize risks.

An additional factor was bitcoin halving, which significantly reduced block rewards and increased pressure on miners. This has led to even more sales before and after the event as companies try to compensate for future losses. Taken together, these trends could have a significant impact on the BTC market in the coming months.