{"id":137438,"date":"2024-12-15T21:23:56","date_gmt":"2024-12-15T14:23:56","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=137438"},"modified":"2024-12-15T21:23:56","modified_gmt":"2024-12-15T14:23:56","slug":"bitcoin-miners-dump-13b-btc-in-december-cause-for-concern","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=137438","title":{"rendered":"Bitcoin miners dump $13B BTC in December &#8211; Cause for concern?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<div class=\"single-post-author\">\n<div class=\"single-post-author-top\">\n<p>\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" alt=\"Avatar\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Benja-80x80.jpeg.webp\"\/><img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" alt=\"Avatar\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Benja-80x80.jpeg.webp\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\"\/><\/p>\n<p>Journalist<\/p>\n<\/p><\/div>\n<p>\t\t\t\t\t\t\t\t\t\t<span class=\"mvp-post-date updated\">Posted: <time class=\"post-date updated\" itemprop=\"datePublished\" datetime=\"2024-12-15\">December 15, 2024<\/time><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t<meta itemprop=\"dateModified\" content=\"2024-12-15 2:20 pm\"\/><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Miners sold over $13B BTC in the first half of December.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Per Puell Multiple, BTC wasn\u2019t overvalued or in a red zone yet.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> miners have intensified selling since the cryptocurrency crossed the $100K milestone. In December alone, miners <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1867980873728946583\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">sold<\/span><\/a><span style=\"font-weight: 400;\"> 140K BTC, worth $13.72B. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per Santiment data, the dumping spree has shrunk the miner balance from over 2M to 1.95M coins as of this writing.\u00a0<\/span><\/p>\n<div id=\"attachment_452268\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-scaled.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-452268\" class=\"size-full wp-image-452268\" alt=\"Bitcoin miners \" width=\"2560\" height=\"1214\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-300x142.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-1024x486.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-768x364.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-1536x729.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-2048x972.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-1200x569.jpg 1200w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-scaled.jpg\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-452268\" class=\"size-full wp-image-452268\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-scaled.jpg\" alt=\"Bitcoin miners \" width=\"2560\" height=\"1214\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-300x142.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-1024x486.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-768x364.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-1536x729.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-2048x972.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Santiment-1200x569.jpg 1200w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\"\/><\/a><\/p>\n<p id=\"caption-attachment-452268\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<h2>BTC steady above $100K<\/h2>\n<p><span style=\"font-weight: 400;\">Despite the aggressive sell-off, the king coin remained resilient above $100K. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the miner sell-off appeared relatively less intense when gauged through miner outflow. The metric tracks all miner wallets and their transfers to exchanges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the 12th of November, BTC saw the highest daily miner sell-off of 25K BTC. But the pressure has been on the decline, as shown by the retreating miner outflows.\u00a0<\/span><\/p>\n<div id=\"attachment_452269\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-452269\" class=\"size-full wp-image-452269\" alt=\"Bitcoin miner\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-1200x675.png 1200w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-452269\" class=\"size-full wp-image-452269\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1.png\" alt=\"Bitcoin miner\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Bitcoin-Miner-Outflow-Total-All-Miners-1-1200x675.png 1200w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\"\/><\/a><\/p>\n<p id=\"caption-attachment-452269\" class=\"wp-caption-text\">Source: CryptoQuant<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Perhaps, the bulk of the sell-off might have happened over the OTC (Over The Counter) markets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That said, the overall December sell-off slightly overwhelmed the demand from ETFs. In the past two weeks, BTC ETFs <\/span><a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400;\">logged<\/span><\/a><span style=\"font-weight: 400;\"> $4.9B inflows. Over the same period, MicroStrategy bought $3.6 billion worth of BTC.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Excluding Mara Digital and other firms with BTC corporate treasuries, ETFs and MicroStrategy\u2019s BTC demand hit $8.3B in the past two weeks. This was slightly less than the $13.72B supply from miners.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, should intense miner selling be a concern for your portfolio? We checked the Puell Multiple for insights.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the unfamiliar, Puell Multiple allows users to gauge BTC valuation and cycles from the perspective of miners. If the metric soars to the upper band, BTC\u2019s value is deemed as unsustainably high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the flipside, a low Puell Multiple reading suggests a relatively undervalued BTC.\u00a0<\/span><\/p>\n<div id=\"attachment_452270\" style=\"width: 1505px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-452270\" class=\"size-full wp-image-452270\" alt=\"Bitcoin miners\" width=\"1495\" height=\"1007\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple.png 1495w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-300x202.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-1024x690.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-768x517.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-1200x808.png 1200w\" data-lazy-sizes=\"(max-width: 1495px) 100vw, 1495px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-452270\" class=\"size-full wp-image-452270\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple.png\" alt=\"Bitcoin miners\" width=\"1495\" height=\"1007\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple.png 1495w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-300x202.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-1024x690.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-768x517.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BM-Pro-Puell-Multiple-1200x808.png 1200w\" sizes=\"auto, (max-width: 1495px) 100vw, 1495px\"\/><\/a><\/p>\n<p id=\"caption-attachment-452270\" class=\"wp-caption-text\">Source: BM Pro<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">In early 2024, the metric hit 2.4 and marked a local BTC top at $73.7K. At press time, the metric reading was 1.3 and had little room before cross 2 or the upper band.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, based on Puell Multiple and miners\u2019 perspective, BTC wasn\u2019t overvalued or elevated, but that could change if the metric soared above 2.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the meantime, BTC consolidated below $102K ahead of the Fed rate decision on the 18th of December.\u00a0<\/span><\/p>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\n\t\t\t\t\t\t\t\t\t\t\tNext: <a href=\"https:\/\/ambcrypto.com\/how-tron-can-rebound-successfully-after-36-drop-in-2-weeks\/\" rel=\"prev\" data-wpel-link=\"internal\">How Tron can rebound successfully after 36% drop in 2 weeks<\/a>\t\t\t\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/ambcrypto.com\/bitcoin-miners-dump-13b-btc-in-december-cause-for-concern\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Journalist Posted: December 15, 2024 Miners sold over $13B BTC in the first half of December.\u00a0 Per Puell Multiple, BTC wasn\u2019t overvalued or in a red zone yet.\u00a0 Bitcoin [BTC] &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=137438\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-137438","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/137438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=137438"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/137438\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=137438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=137438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=137438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}