Posted 11/7/2023, 6:17:52 PM
Crypto Miners Sold More Bitcoin Than They Mined During October Rally
- Bitcoin miners sold more tokens than they mined in October during a crypto rally
- The top 13 public crypto miners had a 105% liquidation-to-production ratio, meaning they sold from reserves
- This ratio has spiked during crypto downturns, reaching 390% in June 2022
- Miners like Hut 8 liquidated more coins than their monthly production in October
- Miners may be selling more to prepare for the Bitcoin halving in 2023 which will cut rewards by 50%