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3 reasons why Bitcoin miners are selling BTC — and why it’s not capitulation

Published 09/28/2023, 05:36 PM
Updated 09/28/2023, 08:20 PM
© Reuters
BTC/USD
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Crypto analysts, traders and anonymous influencer Bitcoin pundits on X (formerly known as Twitter) frequently interpret what Bitcoin miners do with their block rewards as a sentiment gauge for where Bitcoin's price might go.

According to the theory, Bitcoin (BTC) miners sending rewards to exchanges foreshadows pending sell pressure on the asset’s price and possibly reflects distress among miners.

Bitmain WDMS panel on Bitcoin mining and renewable energy. Source: Cointelegraph
Foundry senior vice president Kevin Zhang speaks about the Bitcoin halving. Source: Cointelegraph

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