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In a notable shift, Bitcoin miners have sold over $8.55 billion worth of BTC within two days, according to crypto analytics firm Santiment. This marks the largest BTC sell-off by miners in the last 10 months, signaling significant movement within the crypto ecosystem.
Santiment shared on X that Bitcoin mining balances have steadily declined since April 2024. The recent drop of 85,503 BTC in just 48 hours represents the steepest decline since February, two weeks before Bitcoin reached its $73,000 all-time high.
Despite the large miner sell-off, non-mining whales and sharks continue to buy Bitcoin. Santiment highlighted this as a “net-neutral signal” for now, as whale activity offsets miner distributions.
“Bitcoin’s collective mining balances have been dropping since April 2024,” Santiment stated. “However, this latest drop… is the most extreme we’ve seen since late February… Overall, non-mining whales and sharks are still accumulating. Consider this a net-neutral signal for the time being.”
Currently trading at $99,441, Bitcoin shows a strong correlation with the S&P 500, according to Santiment. This trend has sparked discussions about Bitcoin behaving like a “high leveraged tech stock.”
Santiment emphasized that breaking this correlation with equities would be a bullish sign for Bitcoin. “Pay attention to a more mid or long-term break between crypto and equities. If this correlation begins to weaken, it would be a bullish signal,” the firm noted.
The report also referenced the “Trump Pump” that temporarily boosted Bitcoin prices, illustrating how market events influence cryptocurrency trends.