Miners appear to have increased their bitcoin selling with 16,598 bitcoin, worth more than half a billion, sold on January 29th.
For much of last month, miners outflow appears to have picked up considerable activity, with some 12,000 BTC sold a day in mid January and about 10,000 a day during late last month.
That’s considerably more than the 900 bitcoins they receive a day from mining, suggesting they have gone into their reserves.
One reason may be because they held off selling for much of last year as can be seen above, although there were still outflows of about 2,000 bitcoin a day.
The current block reward is 6.25 btc, translating to 900 bitcoin mined a day. Before May 2020 however, it was 1,800.
This data therefore suggests miners have not yet depleted what bitcoin they may have put aside prior to the halvening.
Instead it looks like they have dipped into those reserves perhaps because asics are doubling and trippling in price, increasing miners’ costs.
At the same time the hash rate has risen while the block rewards have decreased, creating a storm of sorts for miners.
To continue therefore it looks like some of them have to dip into their reserves, which necessarily are limited.
This increased sell off last month therefore is probably temporary because miners only have so much in savings and those savings are now clearly decreasing at a considerable rate.
Suggesting that once they’re done, the halvening finally gets to kick in and they won’t have more than 900 bitcoin to sell a day, something that would be an all time low.