Miners Offloaded $5B of Bitcoin Into ETF Launch

A much-anticipated surge in the price of Bitcoin following the launch of spot ETFs was cut short by miners last week.

According to CryptoQuant, two days prior to the launch, Bitcoin miners sent nearly 50,000 BTC (worth roughly $2.3B) to exchanges. On Jan. 11, when the ETFs started trading, miners sent an additional 60,000 BTC – totalling $4.7B over the week.

The 110,000 coins sent to exchanges is equivalent to four months of new Bitcoin issued to miners.

On Jan. 11, the day the instruments began trading, Bitcoin hit an intraday high of $48,494, dropping three days later to a low of $41,753 on Jan. 14, according to Coingecko. The asset stabilized around the $42,000 mark, currently changing hands for $43,200 – a 2.3% rally on the day.

With the ETF launch behind us and the subsequent drop in price, investors are now looking ahead to the next potentially bullish catalyst – setting their eyes on the network’s upcoming halving event.