Glassnode records a mass sale of bitcoins by miners

In aggregate, users spend ~900 mined coins daily, as well as 315 BTC from their treasuries

18.11.2022 - 10:00

393

2 min

What’s new? According to analytics company Glassnode, bitcoin miners are currently selling 135% of their daily coin issue. That means that users sell one-third more BTC than they mine. Thus, in aggregate, miners spend ~900 bitcoins mined daily, as well as 315 coins from their treasuries. The asset is trading at $16 740 as of November 18, 09:40 UTC, having gained 1,37% in 24 hours, according to Binance.

To punctuate this point, #Bitcoin miners are currently spending at a rate of 135% of the daily issued coins.This implies that in aggregate, miners are distributing all ~900 freshly minted $BTC, as well as an additional 315 $BTC from their treasuries each day. pic.twitter.com/RV4QqXDWmF — glassnode (@glassnode) November 18, 2022

Bitcoin situation. The number of bitcoin wallets with balances of more than 10 000 BTC increased significantly in November. The number rose to 40 000, according to Glassnode. This is most likely due to a drop in the quotations of the asset.

El Salvador’s President Nayib Bukele said that starting November 18, the state would buy 1 BTCevery day. This initiative was supported by TRON blockchain founder Justin Sun, who also began investing in the asset on a daily basis.

Liquidation of short positions in BTC across all exchanges reached a year-high. On October 26, positions worth $331,8 million were liquidated.

According to Google Trends, the popularity of the search query “Bitcoin” rose to 100/100 scores in the past week. Notably, on November 10, bitcoin also fell to a two-year low of $15 780.

On November 7, WSJ journalists reported that mining companies began to sell off cryptocurrency mining rigs en masse. This measure is designed to at least partially cover losses from the fall in the market of digital assets.

Author: