TLDR
Bitcoin miners have sold over $27 million in profits recently as BTC trades around $83,400
On-chain data shows miner exchange deposits have been elevated since late 2024
Bitcoin faces key resistance at $87,000, with the 50-day moving average at $87,400
Miner outflows are currently surpassing inflows, indicating reduced holdings rather than accumulation
These selling patterns could introduce short-term volatility and may impact Bitcoin’s ability to break resistance levels
Bitcoin miners have recently cashed in over $27 million in profits as BTC trades in the $83,000-$84,000 range. This large-scale selling comes as Bitcoin faces key resistance levels that could determine its next price move.
Data from CryptoQuant reveals that early Bitcoin miners have realized over $27.2 million in profits recently. This selling activity has increased following Bitcoin’s pullback from highs above $90,000.
On-chain metrics show that miners have been making large deposits to exchanges since the bull rally started in late 2024. The Bitcoin Miner to Exchange Flow metric has been registering positive values during this period.
The pattern suggests miners initially began selling for profit-taking purposes as prices rose. Even as bullish momentum has cooled and BTC’s price has declined, miner deposits to exchanges have continued.
Bitcoin Miner to Exchange Flow vs Exchange to Miner Flow.
🔸Miner inflows to exchanges have increased, typically a sign of miners taking profits.🔸Exchange-to-miner flows remain relatively stable.🔸If miner selling accelerates, it could introduce short-term volatility into… https://t.co/6cvgWtYXAn pic.twitter.com/8yodP7eVLj
— IT Tech (@IT_Tech_PL) March 17, 2025
Glassnode’s miner net position change chart confirms this trend. It shows that outflows are currently exceeding inflows, which means miners are reducing their holdings rather than accumulating more BTC.
Mining operations face constant running costs in the form of electricity bills. These expenses often force miners to sell portions of their Bitcoin holdings on a regular basis.
Typically, this routine selling isn’t large enough to heavily impact Bitcoin’s price. The market can usually absorb these sales without major disruption.
Miner Behavior: Market Impact
However, when miner selling reaches higher levels, as is currently happening, it can potentially introduce short-term volatility. One analyst noted, “If miner selling accelerates, it could introduce short-term volatility into the market.”
Despite the current selling phase, miners still hold substantial amounts of Bitcoin. The rate at which their holdings are declining might signal their outlook on near-term price movements.
Bitcoin was trading around $83,289 at press time. The cryptocurrency faces immediate support at $82,500, with a key resistance level at $87,000.
Technical indicators show the 50-day moving average positioned at $87,400. The 200-day moving average sits near $95,916, representing longer-term resistance.
These levels serve as critical barriers that Bitcoin needs to overcome to regain bullish momentum. A decisive move above $87,000 could trigger renewed upward movement.
Conversely, if Bitcoin breaks below the $82,500 support level, it might open the door to further declines. This could potentially push prices toward the $80,000 mark.
The next days will be crucial in determining if Bitcoin can absorb the miner selling pressure. If miners continue liquidating at the current pace, Bitcoin may struggle to break through key resistance levels.
A shift in miner behavior, such as reduced selling or a return to accumulation, could provide support for Bitcoin to resume its upward trajectory. Until then, the market will closely watch how Bitcoin responds to this elevated selling pressure.
At the time of writing, Bitcoin was trading at approximately $83,400, up almost 6% over the past seven days despite the ongoing miner selling activity.
