Bitcoin Miners Sold 100 Percent Of Their BTCs! How Will It Affect the Price?

Driven by the bear market since its $69,000 ATH in November 2021 in Bitcoin (BTC) sharp declines occurred.

Some investors, who suffered losses due to these decreases, surrendered to the market and sold at a loss, while others continued to hold.

Except for investors bitcoin miners were also adversely affected by the declines.

BTC While miners, whose costs have increased due to the decrease in the price, sell the Bitcoins they produce and hold. Messari senior research analyst Thomas Dunleavyreviewed the BTC sales made by my Bitcoin miners in 2022.

With the effect of crypto winter in 2022 BTC Stating that its miners sell approximately 100% of the Bitcoins they produce, Dunleavy shared the following statements:

“BTC miners sell about 100% of the coins they mine.

I saw that 10 public Bitcoin miners that I examined in detail, mined 40.7 thousand BTC in 2022 and sold 40.3 thousand BTC.

This is a persistent headwind for BTC and for no other reason is not a good argument for raising ETH/BTC ratio trading.”

Messari co-founder Don McArdle and made a comment on Dunleavy’s post. Messari co-founder stated that BTC miners learned a lesson from what happened and said:

“Before much of the mining was done by a group of debt-financed public companies, miners tended to hold decent amounts of BTC.

But that era is probably over. Now I bet that in the future miners will get smarter and start hodl/selling non-cyclically. It will be better for them. “

Iirc, before a big % of mining was done by a bunch of debt-financed public cos, miners tended to hodl a fair amount.

Guess that era (miners being hodling bulls) is over.

Well…I’ll bet they get smarter in the future & start to hodl/sell counter-cyclically. That’d be ok.

— Dan McArdle (@robustus) December 26, 2022