Bitcoin miners are experiencing significant gains, thanks to a surge in transaction fees that have reached their highest levels since April 2021, primarily driven by the increasing demand for Ordinals inscriptions.

The positive momentum in the market throughout this year has served as a valuable recovery for miners, compensating for the challenges faced in the unfavorable conditions of 2022.

As such, miners appear to have cashed in on this remarkable rally this month.

Bitcoin Miners’ $129 Million Sale Sparks Speculation

Bitcoin miners have executed a substantial sell-off, disposing of more than 3,000 BTC in the past 24 hours, equivalent to approximately $129 million. According to the latest CryptoQuant data shared by analyst Ali Martinez, there has been a continuous decline in the reserves of Bitcoin miners since the start of December.

This significant divestment by miners has the potential to exert an impact on the price dynamics of Bitcoin. Such large-scale transactions within a short timeframe often draw attention from market participants and analysts, leading to speculation about the potential impact on the broader market.

Currently, Bitcoin miners hold approximately 1,834,447 BTC, with the latest sale of 3,000 BTC.

In a notable move, #Bitcoin miners have sold over 3,000 #BTC in just the last 24 hours, amounting to approximately $129 million. This substantial sell-off could influence the price of $BTC. pic.twitter.com/mUl4ebDwpm

— Ali (@ali_charts) December 28, 2023

There is no doubt that Bitcoin miners are riding the wave of the new BRC-20 token standard that pushed Bitcoin transaction fees through the roof. Miners across the network are benefiti