Bitcoin Miners Sell as Whales Build $1.2B Buying Demand

Bitcoin miners have been selling hundreds of BTC to platforms used for institutional trading and custody, adding pressure on the cryptocurrency near $65,000.

According to Lookonchain data, MARA deposited 200 BTC to NYDIG on Thursday evening, while Riot Platforms deposited another 381 BTC worth about $24.5 million around the same time.

The transfers come as MARA continues to hold more than $2.3 billion in Bitcoin after reporting over $600 million in second-quarter losses.

Whales, on the other hand, have been accumulating more than 20,000 BTC since July 29, with a current value of around $1.2 billion at current prices.