Glassnode: Miners selling BTC in the $50,000 range may be the reason for the decline in Bitcoin prices last week

According to data from blockchain analysis company Glassnode, as the BTC price has hovered around $50,000 in the past few weeks, some miners have begun selling part of their Bitcoin to lock in profits. About 2,900 BTC in the miners' balance were sold last week, which is equivalent to $145 million at a price of $50,000 per Bitcoin.

According to analysis, the sale of Bitcoin may be to obtain legal currency to pay for operating costs, or a portion may be designated for facility expansion, purchase of second-hand mining machines or procurement of new ASIC mining machines.

Perhaps due to the sell-off, the price of Bitcoin fell sharply last week. At the time of writing this article, it was $46,121.68, a 7-day drop of 10.7%.