Bitcoin (BTC) On-Chain Data: Are Miners Keeping Selling?

A month has passed since the collapse of the giant crypto exchange FTX. Even though the panic in the investors with the news of the bankruptcy gave way to calm, the negative perception in the market continues.

The continuation of selling pressure in the leading cryptocurrency Bitcoin pushes crypto miners to sell. BTC minershave had to spend money out of pocket as energy and operating costs have risen, while crypto prices have plummeted.

on-chain Joaowedson, one of the chief analysts of his follower CryptoQuant, revealed how big the sale of BTC miners was with data.

They Sold 10,000 BTC in One Day!

According to CryptoQuant data bitcoin miners sell in substantial quantities. According to the data, miners disposed of 10,000 BTC on the first day of December alone. In the November 9-11 range, miners sold 6,500 BTC.

Joaowedson commented on the miners’ sale as follows:

“The fall in the price of Bitcoin and the increase in operating costs are forcing cryptocurrency miners to sell.”

Latest Status in Bitcoin

The leading cryptocurrency, which started the last week of November calmly, is preparing to close the week with an increase of about 3.50%.

Although the US employment data came in above expectations during the week, Fed Chairman Jerome Powell’s “We can reduce the rate of increase in interest rates” The announcement led to limited optimism in the market.

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