Bitcoin miners are selling their holdings as the fourth halving approaches, according to CryptoQuant. As BTC continues its bull run, miners are selling their holdings to monetize their business operations and buy more equipment for profitability. CryptoQuant CEO Ki Young Ju published a graph of miners’ selling activity since 2012, noting that the bull market would continue unless ETF inflow slows down. U.S. mining companies are not the main Bitcoin sellers so far, suggesting that the top sellers “are likely offshore or older miners.” However, analysts are confident that increased selling activity by miners is unlikely to impede Bitcoin’s upward momentum, given the substantial inflow of fresh capital through spot ETFs. Despite Bitcoin miners achieving record daily revenues of $78.6 million, out of the 26 public Bitcoin miners, only three have posted positive returns year-to-date. Bitcoin’s fourth halving is anticipated to arrive in mid-April this year, cutting the block reward from 6.25 BTC to 3.125 BTC.

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