Bitcoin News Today: Bitcoin Miners Sell 3000 BTC Amid Market Downturn and Price Volatility

Bitcoin miners have sold over 3,000 bitcoins in the past two weeks, according to on-chain analytics from @ali_charts, as tracked by BlockBeats News. As of August 1, the total Bitcoin miner balance had dropped from 1.8098 million BTC on July 16 to 1.80698 million BTC, reflecting a significant reduction in holdings [1]. This selling activity suggests that miners are actively offloading their holdings amid ongoing market uncertainty and price volatility.

The timing of these sales aligns with a broader downturn in the cryptocurrency market, as Bitcoin’s price fell from a peak of $119,000 to $112,700 within days [1]. The sell-off from miners adds to heightened pressure on the market, with increased risk aversion observed among both retail and institutional investors. Notably, Ethereum also experienced a 3.21% decline, dropping below $3,500, while Bitcoin spot ETFs recorded a net outflow of $812 million, marking one of the highest outflows in recent months [1].

In parallel, other large holders and market participants have been managing their balance sheets amid the downturn. For instance, SharpLink Gaming deposited $108 million in USDC through Galaxy Digital to accumulate 14,933 ETH, while Arthur Hayes executed a $13.35 million sell-off of ETH, ENA, and PEPE in just six hours [1]. These moves indicate a broader trend of liquidity prioritization and capital preservation in response to uncertain macroeconomic and regulatory conditions.

The selling pressure from miners may further challenge Bitcoin’s ability to regain upward momentum. Already trading well below its 52-week high, the asset now faces key support levels that could determine its near-term direction [1]. Analysts have highlighted that this selling activity contrasts with some bullish forecasts, which predict Bitcoin could test $100,000 and Ethereum could reach $3,000 in the coming months [1]. However, the current selling environment suggests a more cautious outlook, with market participants hedging their positions in the face of macroeconomic uncertainty.

The broader macroeconomic picture has also contributed to the decline. A weaker-than-expected U.S. non-farm payrolls report, which showed only 73,000 jobs added in July, exacerbated risk-off sentiment across financial markets, including cryptocurrencies [1]. This was reflected in sharp declines for major crypto-related equities, with Coinbase dropping over 16% and other firms like Circle and Strategic seeing losses exceeding 8% [1].

The miners’ sale of over 3,000 bitcoins in a short period thus serves as a barometer of the evolving maturity of the crypto market. As institutional players, miners, and high-net-worth individuals adjust to a rapidly shifting landscape, the actions of miners—often considered one of the most predictable sources of supply—can offer early signals about market direction.

Source: [1]https://cryptoadventure.com/from-tariffs-to-etfs-5-catalysts-behind-bitcoins-big-drop/