Bitcoin Miners Unload $485M Ahead of U.S. Inflation Data

Bitcoin miners have shifted from accumulation to heavy selling, offloading over $485 million worth of BTC between August 11 and August 23 as inflation concerns grip global markets.

Data from Glassnode shows miner balances steadily declined during this period, with roughly 4,207 BTC moved to exchanges. The selling coincided with disappointing U.S. inflation reports, which dampened expectations of a Federal Reserve rate cut and sent Bitcoin tumbling to $108,600. Altcoins faced even steeper drops.

The reversal is striking when compared to April through July, when miners added 6,675 BTC to their reserves amid a bullish stock market backdrop. Current miner reserves stand at 63,736 BTC, valued above $7.1 billion.

Although miner sales rarely dictate long-term market direction, their large-scale liquidations often tip the balance during volatile moments. So far, no further significant sales have been recorded since August 25.

All eyes are now on the upcoming U.S. PCE inflation report, due Friday. A hotter-than-expected reading could trigger another wave of miner selling, potentially adding more pressure to Bitcoin’s fragile price levels. As of 10:00 am UTC, Bitcoin trades at $109,800, down 2.8% over the past 24 hours.