Bitcoin Hits $117.5K While Miners Cut Holdings by More Than 3000 BTC

• From July 10 to 12, miners sold over 3K Bitcoin, and the BTC price quickly moved above $117,000.
• Bitcoin reserves held by miners dropped fast in three days, showing high activity linked to a sharp price gain.
• The data points to miners using the BTC price jump to exit extensive holdings, which changed their reserve trend.

Bitcoin miners have sold over 3,000 BTC since Thursday, as revealed by a CryptoQuant chart shared by analyst Ali on July 14, 2025. The chart shows a steep decline in miner reserves beginning July 10. At the same time, Bitcoin’s price surged past $117,000.

The Bitcoin miner reserve fell sharply from around 1.8092 million BTC to below 1.8073 million BTC in just three days. This movement represents one of the most notable sell-offs by miners in recent months. According to Ali’s post, this selling pressure comes at a time when BTC crossed the $117.5K level. The timing suggests a coordinated move by miners to capitalize on the price rally.

Rising Prices Coincide with Depleting Reserves

Between July 6 and July 10, the miner reserve climbed slightly, reaching above 1.809M BTC. However, by July 11, a massive decline followed. That drop coincided with a strong rally that lifted Bitcoin from $110K to over $117.5K. The chart reveals that on July 10 alone, reserves plunged by more than 1,200 BTC. Meanwhile, the price of BTC increased from around $113K to $117.5K in that same period.

From July 11 onward, selling intensified, resulting in more than 3,000 BTC offloaded by miners. Daily reserve values fell successively, with noticeable selling also observed on July 12. This behavior shows that miners opted to realize profits during a price upswing, a pattern frequently observed during market peaks. The sell-off followed nearly two weeks of relative accumulation, with minimal movement seen in late June and early July.

Market Reactions and Investor Sentiment

The response from the crypto community was swift. Ali’s post on X (formerly Twitter) received over 18,000 views, confirming strong interest. Comments suggest that buyers absorbed the selling volume quickly. One user remarked, “buyers ate those all,” hinting at continued market demand. Others speculated the sell-off could mean the price has reached a temporary top.

Still, questions remain. Will this miner behavior trigger broader market corrections, or does it reflect short-term profit-taking? Some observers noted that miners may have sold to cover operational costs. Others pointed out that a reduction in miner reserves often precedes sideways or bearish movement.

Despite selling, Bitcoin has retained its gains. As of July 14, BTC stands at $117.5K. The market remains resilient, indicating continued interest from institutional and retail investors. On-chain data also shows that the overall miner reserve remains above 1.807M BTC. While down from last week’s highs, the figure is still historically strong.

Are Miners Signaling a Market Top?

The rapid drop in reserves raises an important question: are miners anticipating a reversal in Bitcoin’s price trend?

Historical trends indicate that large-scale miners selling often coincides with key market moments. Whether this recent activity signals an end to the rally or simply a tactical move is uncertain. Similar sell-offs have led to short-term corrections in previous cycles. However, macro factors like ETF inflows and global demand continue to support price growth.

Market watchers will closely follow miner behavior in the coming days. The data suggests that while reserves declined, strong demand has so far absorbed the selling pressure.Bitcoin’s path forward could hinge on whether this miner activity was a temporary move or a broader signal to the market.