Bitcoin miners have unloaded $485 million worth of BTC during a 12-day period ending August 23, amidst concerns as Bitcoin's price struggles to maintain the $112,000 mark. This trend of miners selling at the fastest rate in nine months raises speculation about deeper issues in the market or signs of simple profit-taking. Despite this sell-off, Bitcoin's network hashrate and fundamentals remain strong, with miner balances standing at 63,736 BTC. Over the past nine months, while Bitcoin's price increased by 18%, miner profitability has decreased by 10%, due to rising costs and lower transaction demand. The hashprice index has also seen a decline, reflecting tightening margins. Additionally, competition from AI infrastructure investments in mining operations has added another layer of complexity to the market. Despite miner sell-offs, the market's structural strength appears resilient, with no immediate signs of distress among miners needing to liquidate positions.

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