Publicly listed Bitcoin miners have sold more than 15,000 BTC since October. This sell-off began after Bitcoin price soared to a new all-time high last October before dropping down the charts.
Bitcoin miners have sold 15K BTC since October, more sales expected
According to TheEnergyMag’s Miner Weekly newsletter, Bitcoin mining companies have sold more than 15,000 BTC since October. This liquidation is an indication of a change in the previously popular approach of having mined Bitcoin in corporate treasuries.
The sales followed the rise of Bitcoin to a new all-time high in October, which was followed by a flash crash that left many companies reevaluating their financial status. Several major miners contributed to the sell-off, including Cango, which sold 4,451 BTC in February, about 60% of its reserves.
Bitdeer reportedly liquidated its entire Bitcoin treasury. Riot Platforms and Core Scientific have also sold or plan to sell significant amounts as miners face tighter margins and rising financial pressure.
Top three crypto gems to buy and hold for huge ROI this year
2. Kite price prediction
The Kite crypto was priced at $0.25 on March 6, following a minor decline from the weekly low of $0.25. Technically, bulls are in charge. The RSI reading of 61 also means Kite has room for another uptick before it enters the overbought zone.
Meanwhile, an analyst on X, Nehal, believes Kite coin has broken out of the manipulation phase and is ready for an expansion. He predicts the Kite price may rally to $0.40- $0.58 in the coming weeks.
3. Stacks price under mixed sentiment as bulls and bears struggle
The Stacks price has been consolidating between $0.225 and $0.275 in the past month. Unlike the rest of the market, the Stacks coin has recorded only minor gains, a sign of low buying pressure.
According to CoinGecko, the Stacks price has surged by 1.4% on the weekly chart. However, the Stacks price is down by 7.0% on the monthly timeframe.
As of March 6, the Stacks coin was trading at $0.26. Despite the current mixed sentiment in the market, CoinCodex predicts that the Stacks price may pump to $1.43.
