Who Is Suppressing Bitcoin the Most? They Sold More than $100 Billion
Bitcoin (BTC) miners are putting unprecedented selling pressure on the markets.
According to data from blockchain analysis platform CryptoQuant, miners sold more Bitcoin in 2023 and 2024 than ever before in history.
exceeded one hundred billion dollars
According to CryptoQuant data, miners have sent a total of $166.2 billion worth of Bitcoin to cryptocurrency exchanges over the past years.
In return, they withdrew only $48 billion worth of Bitcoin from the exchanges. It is estimated that coins worth $118 billion were sold.
The fact that most of these Bitcoins (BTC) were sold in 2024 attracted the attention of analysts. Miners became the group that sold the largest amount of Bitcoin with transactions this year.
It has gained momentum this year
Miners started selling Bitcoin much more actively, especially this year. The increase in supply in the markets and the failure of the demand to meet this directly affected the spot markets.
Bitcoin miners generally sell coins to pay production costs and electricity costs. For this, they generally prefer periods when the Bitcoin price rises.
“But 2024 takes a different shape, and the increase in the amount of BTC sent to exchanges could lead to a further decline in the Bitcoin price,” commented one analyst.
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