Bitcoin miners are depleting their coin stashes, possibly to ensure the sustainability of operations in the face of the impending halving of per-block rewards from April 20.
The rally has allowed miners to take profits at higher prices and fund equipment upgrades to prepare for the reduced rewards rate, according to algorithmic trading firm Wintermute.
"With miners' holdings still near an all-time high in USD terms ($124 billion), this sell-off appears to be a strategic move for profit-taking and operational upgrades, marking a behavioral change from the last cycle," Wintermute said in a weekly newsletter.
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