Bitcoin miners sold nearly $485 million worth of Bitcoin in just 12 days leading up to August 23rd, raising concerns about the health of the cryptocurrency’s price. While this selling pressure is notable, network fundamentals remain strong. Despite the recent sell-off, Bitcoin (BTC) managed to reclaim its $112,000 mark after a brief dip earlier in the week. However, traders remain cautious as Bitcoin miners have been aggressively offloading their holdings at the fastest pace in nine months, leading to questions about whether this signals impending trouble or simply market speculation. 🤔 💰 Analysis by Glassnode reveals consistent miner withdrawals between August 11th and August 23rd, with little sign of renewed accumulation. These withdrawals are part of a larger trend: miners unloaded 4,207 BTC during the 12-day period ending August 23rd, compared to an accumulation phase between April and July when they added over 6,675 BTC. Miners’ liquid balances have fallen in recent days, but their overall holdings remain substantial. While this selling pressure is significant, it appears to be relatively isolated, with miners facing a drop in profitability that may drive further sales. Bitcoin’s hash rate, network infrastructure and demand for on-chain transactions remain robust. Although profitability has declined since the start of 2023, Bitcoin continues to self-adjust to maintain an average block interval of just 10 minutes. However, miners need to address their declining profit margins. The recent shift towards AI infrastructure poses a potential challenge to miners’ resilience. TeraWulf, for example, recently secured a $3.2 billion deal with Google for AI-powered data centers, impacting the industry. Despite this competition, Bitcoin’s fundamentals remain strong. Network hashrate is approaching an all-time high and shows no signs of weakening. Whether this trend signifies deeper trouble in the cryptocurrency market remains to be seen. 📈 It’s important to note that these are observations from a broader perspective. The decision on how to proceed with any investment should always be made after consulting with a qualified financial advisor.