Bitcoin price has seen one of its biggest jumps in years since November 6, rising more than $30,000 to surpass $100,000 for the first time. As a result, some market participants have decided to cash in on the gains.

After reports of long-term holders dumping some of their holdings, it’s now the turn of BTC miners, whose combined balances have shrunk significantly over the past few days.

Popular analytics platform Santiment has revealed that miners, the backbone of the Bitcoin network, have sold more than 85,500 BTC in just 48 hours. The team described the massive sell-off as “the most extreme we’ve seen since late February (2 weeks before the then all-time high of $73k).”

Recall that BTC price fell sharply in the weeks following the first quarter of the year, and only managed to break its record on November 6.

While this sounds like a warning sign of future BTC price swings, Santiment was quick to reassure the public that the situation is different now.

This is because large Bitcoin investors, known as whales and sharks, continue to accumulate the asset. Consequently, Santiment concluded that the decline in BTC miner balances is a “network neutral signal,” at least for now.

Perhaps the two biggest evidence of this are corporations led by MicroStrategy and US investors who continue to invest large sums in BTC. MicroStrategy has announced colossal BTC purchases of almost $10 billion over the past three Mondays in a row.

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