Quick Takeaways
- Miners just sold 4,200+ BTC as inflation data shook the market
- They’re still sitting on 63K+ BTC, worth over $7B for now
- Friday’s inflation report (PCE) might push them to sell even more
Miners Were Stacking BTC. Then It Got Messy.
If you’ve been watching Bitcoin lately, you may have noticed something: the vibes are… off.
For months, Bitcoin miners were chill. From spring into summer, they were quietly stacking coins.
Over 6,600 BTC got tucked away between April and July. That’s usually a good thing it means miners think prices are going to rise, so they’re in no rush to sell. But that all flipped in August.
U.S. inflation data came out higher than expected again and that spooked the markets. Suddenly, hopes for a Fed rate cut? Kind of out the window. And guess who noticed right away?
Yep. The Bitcoin miners.
Between August 11 and 23, they sold off more than 4,200 BTC. That’s close to $485 million in Bitcoin moved out of their wallets. Not surprisingly, the price of bitcoin declined rapidly to $ 108,600. Altcoins? Even worse.
Miners aren’t always the first thing traders watch. But when they start moving big chunks of Bitcoin during a shaky market? It’s usually not random.
Miners Are Still Loaded But They’re Watching the Clock
Even after that big sell-off, Bitcoin miners still hold over 63,700 BTC. They have over $7 billion in their wallets. So yes they still have plenty left to sell.
Thing is, they’ve taken a break.
Since August 25, there hasn’t been much movement from miner wallets. But it’s not because everything’s fine. It’s because everyone’s waiting on Friday.
That’s when the U.S. releases the latest PCE inflation data and this one matters more than usual.
It’s the Fed’s preferred measure of inflation, and the numbers could shift market sentiment quickly.
If inflation comes in hot (above the expected 2.9% Core and 2.6% Headline), we could see miners dumping more BTC.
Why? Because higher inflation means higher interest rates stay around longer and that’s not great for risk assets like crypto. Miners don’t just care about price they care about profit. And when margins tighten, selling becomes a way to stay alive.
Why You Should Care What Bitcoin Miners Are Doing
Let’s be honest when people talk crypto, Bitcoin miners aren’t usually the headline. But they probably should be. These guys are the original Bitcoin holders.
They earn BTC from running the network, and they’ve got to sell it eventually to cover costs energy, hardware, payroll. So, when they decide to sell early or all at once, it often signals something bigger.
Miners are the crypto coal mine’s canaries.
They’re not driven by hype or social media. They’re driven by spreadsheets and survival. And when their wallets start draining, it’s worth asking why.
If you want to keep tabs, Glassnode is great for watching wallet movements. And for inflation and macro news, Bloomberg has you covered.
