Bitcoin miners sold off a record amount of their holdings in the first three months of this year – over 40,000 BTC. This is more than they sold throughout all of 2022, and significantly higher than the 20,000 BTC they sold during the market panic following the collapse of Terra in mid-2022. This large sell-off is happening despite the fact that the market generally appears to be improving.
Miners Signal Trouble Even As Prices Climb
Bitcoin prices fell as the difficulty of mining slightly decreased by 2.4% to 135 trillion, while the network’s processing power (hashrate) recovered from around 978 exahashes per second to 992 EH/s this month, according to Glassnode data.
If miners are selling quickly even when prices fall, it indicates they aren’t making much profit. Despite recent price increases, mining isn’t as profitable as it seems, and for the price to stay above $80,000, it needs to overcome continued selling pressure from these miners.
On Tuesday at noon, Bitcoin was priced at $76,827, a 1.4% increase from the previous day. This happened as Iran announced it would send representatives to Pakistan for another round of discussions aimed at establishing a ceasefire.
Ether’s price increased by 1.18%, reaching $2,311. XRP also saw gains, rising 1.2% to $1.42. Solana experienced more modest growth, up 0.9% for the day, but was down 1% overall for the week.
I observed a positive trend across global markets today. The MSCI All Country World Index ticked up 0.1% after a brief pause yesterday. Asian stocks were particularly strong, driving overall gains, and the regional tech sector saw a significant increase of 2.38%.
The price of Brent crude oil decreased by 0.7%, settling at $94.80 a barrel. Gold also declined, falling 0.6% to approximately $1,800, and silver dropped 1% to $78.89. Meanwhile, Treasury prices and the value of the dollar remained relatively stable.
A Deadline That Markets Can’t Ignore
The temporary truce between the US and Iran ends Wednesday evening, US time, and President Trump has stated he won’t renew it.
Investors are currently factoring in a potential resolution by that deadline. Early Tuesday, three ships tried to pass through the Strait of Hormuz, facing blockades from both American and Iranian forces – a key indication of whether the crucial waterway will be opened before a deal is reached.
Over the past eleven days, traditional stocks have performed much better than Bitcoin. While the global stock market has consistently risen, with only a single day of decline since tensions eased, Bitcoin has only managed a small recovery, increasing in value from under $75,000 to just over $76,000.
ETF Demand Holds The Floor
Last week, spot bitcoin ETFs saw $996 million in inflows, while ethereum spot ETFs gained $276 million, according to SoSoValue. This institutional investment has helped maintain price stability despite increased bitcoin supply from miners.
According to Kaiko, if Bitcoin clearly breaks past $76,000, it could then rise to $85,000. K33 Research also highlighted $76,000 as a price point that might cause a rapid price increase as traders who bet against Bitcoin are forced to buy it back. However, if a deal isn’t reached by Wednesday and the price falls below $75,000, that’s the main risk traders are concerned about.
Bitcoin experienced a temporary price increase, but miners are currently using this as an opportunity to sell their holdings. This means while the price likely won’t fall much further, significant gains are uncertain.
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2026-04-22 09:05