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Recent data reveals that Bitcoin miners have picked up the pace of their $BTC sales. This selling spree coincides with heightened macroeconomic anxiety, triggered mainly by high US inflation indicators.
According to the on-chain data platform Glassnode, Bitcoin miner wallet balances consistently declined from August 11 to August 23.
Sharp Contrast: From Accumulation to Selling
This period directly follows the release of a series of US inflation reports, including the CPI and PPI, which dampened market expectations for Federal Reserve rate cuts. Bitcoin experienced a sharp drop, falling to as low as $108,600 at one point. Altcoin prices saw even greater declines.
Specifically, approximately 4,207 $BTC, worth about $485 million, were moved from miner wallets for sale during this time.
This marks a significant reversal from their behavior between April and July, when they accumulated 6,675 $BTC in line with a stable, upward trend in the US stock market.
Typically, the amount of Bitcoin miners sold is insufficient to reverse market trends single-handedly. However, their large-scale selling can influence the market during critical turning points. Miner reserves total 63,736 $BTC, valued at over $7.1 billion.
Will PCE Data Trigger Further Sales?
Glassnode data shows no significant additional selling from miners since August 25. However, if adverse macroeconomic factors emerge, there is a strong possibility of resumed selling.
The US PCE inflation data is scheduled for release this Friday. The market consensus forecasts a 2.9% year-over-year increase for Core PCE and a 2.6% rise for Headline PCE.
If these figures exceed expectations, miners could resume liquidating their holdings. As of reporting time, 10:00 am UTC, Bitcoin is trading around $109,800, down more than 2.8% from the previous day.
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