Whales Build $1.2 Billion Demand as Miners Sell BTC

Bitcoin miners are selling large amounts of BTC, but whales and spot Bitcoin ETFs are buying, creating a $1.2B demand for the cryptocurrency.

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 came as MARA continued to hold more than $2.3 billion in Bitcoin after reporting over $600 million in second-quarter losses.

However, smaller miners have faced strain during the prolonged bear market, with Poolin filing for Chapter 11 protection in New Jersey and seeking approval for a $52 million sale of Texas mining properties.