Bitcoin Miners Liquidate 30,000 BTC Over Three Days in September 2024

In September 2024, Bitcoin miners liquidated 30,000 BTC over the course of three days, making a significant impact on the cryptocurrency market. The amount of Bitcoin sold was valued at approximately $1.7 billion, which added pressure to the asset’s price as it continued to decline.

This volume of sales may indicate miner capitulation as mining profitability decreases. The drop in the “hash price” and the increasing hashrate create challenging conditions for miners, forcing them to sell assets to cover operational costs.