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Crypto miners are exiting their bitcoin positions

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Yahoo Finance Live’s Julie Hyman breaks down the stat of the day.

Video Transcript

- Our Stat Of The Day today, on a related note, is on crypto mining. Miners are rapidly exiting their crypto positions. 14,000 Bitcoin, worth more than $300 million, the current price, was transferred out of wallets belonging to miners in just a 24 hour period at the end of last week. That's according to new data from blockchain analytics firm Cryptoquant. It's also the highest amount of Bitcoin offloaded since January of 2021.

Miners, they're just like us, I guess. We're seeing obviously a lot of folks exit crypto positions, which accounts for the recent action, at least before the rebound that we've seen more recently.