Miners Selling Bitcoin at the Bottom Reduced Sales!

Bitcoin (BTC) and cryptocurrencies The declines it has experienced since January have caused miners to sell Bitcoin as well.

Bitcoin started to recover in July and recently surpassed $25,000 BTC reduced the selling pressure on miners.

Arcane ResearchAccording to a recent report by bitcoin As the price continued to rise, the number of BTC miners sold decreased.

According to the report, 14,600 miners in June BTC However, it was stated that this number decreased to 6,500 BTC in July.

Accordingly, BTC miners bitcoin In June, when the price reached the bottom, they made heavy sales and delivered to the market. In this process, miners who sell more Bitcoin than they produce BTC The number also decreased by 27%.

Arcane Research said that the BTC price eased the pressure on miner sales, with sales falling close to 58%.

Arcane analysts say even the largest mining companies can regroup even as the selling trend begins to decline. BTC He said prices should go higher.

Arcane Research analyst Jaran Mellerud said in the report:

“Even though public miners sold less BTC in July compared to June, if we look at the percentage of BTC produced with BTC sold, we see that they are still draining their holdings.

In this context, we see that public miners sold 158% of Bitcoin production in July. This means that it is the third month in a row that they have sold more than 100% of production.

Unless there is a significant rise in Bitcoin price, I expect the selling pressure to continue and to continue between 100% and 150% of BTC production. That means 4,000 to 6,000 BTC being sold per month.”

According to Mellerud, bitcoin Although the price has increased compared to June, BTC Miners’ sales will continue for a while.