Bitcoin Miners Sell $13B in BTC This December – Should We Worry?
December's massive BTC sell-off by miners raise concerns. Should investors be worried?
Highlights:
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Bitcoin miners sold $13.72B in BTC this December, reducing their holdings to 1.95 million coins.
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Despite the sell-off, Bitcoin’s price remained stable above $100K, with ETF demand rising.
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The Puell Multiple suggests Bitcoin isn’t overvalued yet, but risks grow if the metric rises.

Bitcoin miners have sold off $13.72 billion worth of BTC this December. With Bitcoin hovering above $100K, this massive sell-off raises questions about market stability. Miners dumped 140,000 BTC, reducing their holdings from over 2 million coins to 1.95 million.
Analyzing the Miner Sell-Off
Even though miners have aggressively sold, Bitcoin has held strong above $100K. When examining miner outflows (the movement of coins from wallets to exchanges), the pressure seems to have eased.
On November 12, miners sold 25,000 BTC in a single day, a significant spike. Since then, the pace has slowed, suggesting much of the selling may have occurred through over-the-counter (OTC) markets.
However, miner selling isn’t the only factor in play. During the same period, Bitcoin ETFs saw $4.9 billion in inflows. Additionally, MicroStrategy bought $3.6 billion worth of Bitcoin.
Should Investors Be Concerned?
To understand the implications of this sell-off, we turn to the Puell Multiple. This metric helps evaluate Bitcoin's value from the miner’s perspective. When the reading is high, Bitcoin may be overpriced. A low reading signals an undervalued market.
Earlier in 2024, the Puell Multiple reached 2.4, which coincided with a peak price of $73.7K. Currently, the metric is at 1.3, with little room before hitting the upper threshold of 2. If it crosses that line, it might signal an overheated market.
Bitcoin remains below $102K as the Federal Reserve prepares for a rate decision on December 18. The current Puell Multiple suggests that Bitcoin isn't overvalued yet. However, if the metric rises above 2, the market could be at risk of overheating.
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