2024 is off to a turbulent start for Bitcoin, marked by the introduction of new spot ETFs in US markets. Bitcoin's entry into traditional finance is a historic step, but miners appear to be selling off their holdings. 📉

This is especially important given the recent price fluctuations in Bitcoin. According to the latest data from CryptoQuant, cited by popular analyst Ali Martinez, Bitcoin miners are currently in the process of selling their assets.

Over the past 24 hours, miners sold about 10,600 BTC, which is equivalent to approximately $455.8 million. Increased sales by miners could have a major impact on the market and put additional pressure on the price. 😯

Before the launch of Bitcoin spot ETFs, miners sold about 50,000 BTC, worth about $2.3 billion. On January 11, the day trading began, the Bitcoin rate rose to $49,000, but three days later fell to $41,750. The asset has now stabilized below $43,000, trading at $42,615.

Investors are looking ahead to the next potential bullish trigger - the upcoming block reward cut scheduled for April this year.