Bitcoin Miners Sold More Tokens Than They Mined in October, Cashing in on Price Rally
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Top bitcoin miners sold 15,492 tokens worth $164 million in October, more than they produced.
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Their bitcoin liquidation-to-production ratio was 104% in October, up from 70% over the summer.
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Miners sold more than usual to take advantage of bitcoin's 30% monthly price surge in October.
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Possible reasons for increased sales include capitalizing on rallying prices and getting ahead of the next bitcoin halving in 2024.
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Sale of tokens by miners helps address tight bitcoin supply, with tradeable tokens at lowest levels since 2018.