Bitcoin, the leading cryptocurrency, was greatly affected by sales from miners, as well as sales by the US and German governments.
Miners, whose earnings decreased after the halving, sold BTC to survive, putting pressure on the price.
However, CryptoQuant said that on-chain data showed a significant decline in miners' Bitcoin sales, which peaked in early June.
This decrease means that the effect of selling pressure on Bitcoin has decreased and optimistic market sentiments have emerged.
“One of the reasons why the cryptocurrency market has fallen recently is miners.
After the Bitcoin halving, mining activity decreased and miners began selling Bitcoin in OTC transactions to cover their mining operation costs.
However, the number of Bitcoins sent by miners from their wallets has started to decrease rapidly recently.
In other words, miners' selling pressure is weakening.
If the market successfully absorbs miners' total selling volume, this could create a situation where the upward rally could resume.
“Positive movements can be expected in the cryptocurrency market in the third quarter of 2024.”
$BTC – Miners' selling pressure decreases
“Selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.” – By @DanCoinInvestor
Read more 👇https://t.co/X4J2brhuQu pic.twitter.com/5dI0vB2HgE
— CryptoQuant.com (@cryptoquant_com) June 28, 2024
*This is not investment advice.
