Publicly listed companies are quietly selling coins to replenish their cash reserves—and it’s more worth thinking about than retail investors cutting their losses.
According to Lookonchain, 14 publicly listed companies have sold a total of 108,247 BTC so far this year, worth about $8.08 billion. MARA sold the most, offloading 40,581 BTC at an average price of $74,446; Riot followed, selling 20,264 BTC at an average price of $73,231.
What’s interesting is the price range: most of these coins were sold between $73,000 and $74,000, which is around where the price is now. Even publicly listed companies holding large amounts of crypto are choosing to cash out at these levels, suggesting that confidence in the short-term outlook is pretty low. On the same day, spot BTC ETFs saw net outflows of $201 million, while ETH ETFs saw outflows of $185 million. Institutional money is heading for the exits too.
My feeling is that publicly listed companies selling coins is a lot like us workers paying off our mortgages early: it’s not that we’re bearish; we just want to lock in some certainty first. We can only sleep soundly once we have more cash on hand. The price of crypto may not truly stabilize until this wave of selling pressure is absorbed, or until the uncertainty around a December rate hike is resolved.
Do you think these companies were smart to sell near a relative high, or did they sell too soon?
$BTC $ETH
This is not investment advice. Make your own judgment.
According to Lookonchain, 14 publicly listed companies have sold a total of 108,247 BTC so far this year, worth about $8.08 billion. MARA sold the most, offloading 40,581 BTC at an average price of $74,446; Riot followed, selling 20,264 BTC at an average price of $73,231.
What’s interesting is the price range: most of these coins were sold between $73,000 and $74,000, which is around where the price is now. Even publicly listed companies holding large amounts of crypto are choosing to cash out at these levels, suggesting that confidence in the short-term outlook is pretty low. On the same day, spot BTC ETFs saw net outflows of $201 million, while ETH ETFs saw outflows of $185 million. Institutional money is heading for the exits too.
My feeling is that publicly listed companies selling coins is a lot like us workers paying off our mortgages early: it’s not that we’re bearish; we just want to lock in some certainty first. We can only sleep soundly once we have more cash on hand. The price of crypto may not truly stabilize until this wave of selling pressure is absorbed, or until the uncertainty around a December rate hike is resolved.
Do you think these companies were smart to sell near a relative high, or did they sell too soon?
$BTC $ETH
This is not investment advice. Make your own judgment.