Bitcoin (BTC) miner Riot Platforms offloaded $38.8 million worth of BTC

Bitcoin miner Riot Platforms offloaded $38.8 million worth of BTC BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B

Bitcoin miner Riot Platforms sold off $38.8 million worth of BTC in April, joining a growing number of miners who are liquidating their holdings as the cryptocurrency faces headwinds.

Riot Platforms, known for its large-scale Bitcoin mining operations, disclosed in its latest earnings report that it realized $38,814,000 from the sale of 214 Bitcoins during the second quarter of 2024.

The move comes as miners grapple with the impact of the April 2024 halving, which reduced the block reward paid to miners to 3.125 BTC per block from 6.25 BTC previously.

This reduction in income has led to increased pressure on miners’ operational efficiency.

Riot Platforms’ deployed hash rate remained relatively stable at 10.6 PH at the end of April, an improvement over March’s 9.5 PH. However, its Bitcoin production decreased by 13% from the prior quarter, a direct consequence of the halving.

The firm attributed the decline in BTC production to the halving event, which reduced the total Bitcoin mined by 50%.

The sell-off also comes as the broader mining landscape is facing difficulties.

According to data from CryptoQuant, April 7 saw the third-largest miner selloff of 2025, with 15,000 BTC sent to spot exchanges in a single day.

This massive selloff, likely driven by several miners, put downward pressure on BTC price in the short term.

Furthermore, analyst Ali Martinez recently pointed out a sell signal for Bitcoin on the 3-day chart, suggesting that the cryptocurrency could be facing more selling pressure.

#Bitcoin $BTC flashes a sell signal!pic.twitter.com/97hj7iObdQ— Ali (@ali_charts) May 4, 2025

The Coinbase Premium Gap, which measures the price differential between BTC on Coinbase and other global spot exchanges, confirms this selling pressure.

Coinbase premium gap | Source: CryptoQuant

The premium turned negative once again in April, currently at -5.07. This suggests that US investors are selling BTC on Coinbase more heavily, dragging the price lower compared to other global platforms.

If the Coinbase Premium remains in negative territory for an extended period, it could indicate more short-term downside risk, especially with miners outflows increasing.

BTC Price Outlook

At the time of writing, Bitcoin is consolidating around $94,400 after a brief rally to $97,600 last week.

On the daily BTC price chart, the RSI stands at 60, suggesting that the largest cryptocurrency remains in bullish territory but is losing some momentum. A further drop in RSI could shift the sentiment to bearish.

BTC price chart with Bollinger bands and RSI | Source: TradingView

Immediate support lies near the 200-day moving average at $91,900, while the 20-day SMA offers nearby resistance at $92,370. A decisive break below the $92,000 support could send BTC further downwards in the short-term.

However, if buyers manage to defend the 200-day MA and 20-day SMA, traders could anticipate a bounce towards the 50-day MA, which is currently providing resistance at $94,600.

Bollinger Bands are tightening slightly after a recent expansion, with the price approaching the upper band. The cryptocurrency could face resistance around $96,800 and traders could see a pullback toward the middle band (20-day SMA) near $92,370.

BTC price chart with MACD | Source: TradingView

Meanwhile, the MACD histogram is beginning to fade, with a possible bearish crossover in the near term. A MACD crossover could further dampen the bullish sentiment.