Bitcoin (BTC) miner balances started at 1.82 million BTC at the beginning of the year. Despite peaks of capitulation and significant selloff volume, BTC miner wallets still sit at a flat 1.8 million BTC.

Mining rewards held in BTC miners’ wallets saw a sharp decline starting in August, likely due to the Poolin exodus. This year saw the third-largest BTC selloff by miners over a 30-day period, with 112% of mined supply plus treasury being spent. In contrast, the first and second-largest selloffs occurred during the 2013 and 2021 bull runs, as miners sold their BTC at a profit rather than a loss.

(By Josh O'Sullivan)