Bitcoin’s run above $120,000 has drawn fresh selling from the very people who dug it up. On July 15, miners sent a hefty 16,000 Bitcoin to exchanges—the most in a single day since April—raising questions about how long the rally can keep climbing.
According to CryptoQuant data, those daily outflows edged past the earlier high, signaling that miners are cashing in on recent gains. That kind of supply surge can weigh on prices, at least for a little while.
Miner Sales Hit Yearly High
Based on reports from CryptoQuant, the jump to 16K BTC occurred as miners sensed a chance to lock in profits after Bitcoin’s latest spike.
Bitcoin miner sales surged.
Outflows hit 16K BTC, the highest since April, and nearly all of it went to exchanges as BTC hit a new all-time high.
Earlier this year, on the way up from $75K to just over $100K, miners offloaded roughly 17K BTC in April alone. Now, with prices pressing past $120K, they’re back at it.
Miners often sell when their hardware costs are covered and they stand to pocket hefty gains, but when they all sell at once, it can tip the market into choppy waters.
Mid-Range Holders Offload 3K BTC
Big miners aren’t the only ones stepping to the exits. Wallets holding between 100 and 1,000 BTC cut their balances from 68K BTC to 65K BTC since mid‑June—about 3K BTC shed in just a few weeks.
During the April rally, that same group sold close to 5K BTC before shifting back into buy mode when prices settled into a range. Now, they’re a key source of extra supply as the latest breakout attracts their attention.
Exchange Inflows Can’t Keep Up
At the same time, the total amount of crypto sent to exchanges shot up from around 13K BTC per day to about 58K BTC this week. That four‑fold rise shows profit‑takers rushing to offload coins.
Bitcoin At $118K
At the time of writing, Bitcoin was trading at $118,000, still down 0.3% in the last 24 hours, CoinMarketCap data shows.
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Bitcoin’s run above $120,000 has drawn fresh selling from the very people who dug it up. On July 15, miners sent a hefty 16,000 Bitcoin to exchanges—the most in a single day since April—raising questions about how long the rally can keep climbing.
According to CryptoQuant data, those daily outflows edged past the earlier high, signaling that miners are cashing in on recent gains. That kind of supply surge can weigh on prices, at least for a little while.
Miner Sales Hit Yearly High
Based on reports from CryptoQuant, the jump to 16K BTC occurred as miners sensed a chance to lock in profits after Bitcoin’s latest spike.
Earlier this year, on the way up from $75K to just over $100K, miners offloaded roughly 17K BTC in April alone. Now, with prices pressing past $120K, they’re back at it.
Miners often sell when their hardware costs are covered and they stand to pocket hefty gains, but when they all sell at once, it can tip the market into choppy waters.
Mid-Range Holders Offload 3K BTC
Big miners aren’t the only ones stepping to the exits. Wallets holding between 100 and 1,000 BTC cut their balances from 68K BTC to 65K BTC since mid‑June—about 3K BTC shed in just a few weeks.
During the April rally, that same group sold close to 5K BTC before shifting back into buy mode when prices settled into a range. Now, they’re a key source of extra supply as the latest breakout attracts their attention.
Exchange Inflows Can’t Keep UpAt the same time, the total amount of crypto sent to exchanges shot up from around 13K BTC per day to about 58K BTC this week. That four‑fold rise shows profit‑takers rushing to offload coins.
Bitcoin At $118KAt the time of writing, Bitcoin was trading at $118,000, still down 0.3% in the last 24 hours, CoinMarketCap data shows.