According to the latest data, Bitcoin miners are selling Bitcoin at a pace not seen in over a year, IntoTheBlock reports. It is stated that more than 30,000 BTC have been sold since the beginning of June, which shows that selling pressure is increasing in the crypto market. The combination of falling mining rewards and rising operational costs stands out as the main reason for this selloff.
Bitcoin's Halving Effect
The halving event in April halved the amount of BTC earned per block, causing a massive reduction in mining rewards. According to QCP Capital analysts, this has put significant financial pressure on miners, prompting them to sell their Bitcoin reserves to cover expenses. As a result, the amount of Bitcoin held by miners has decreased by 50,000 since the beginning of the year, falling to a 14-year low.
Corporate Sales Pressures
The downward pressure on the Bitcoin price is not just from miners. Recent actions by the German government have made the situation even worse. Approximately 3,000 BTC of liquidity was provided last week, and up to another 40,000 BTC could be sold in the future, which could further reduce market prices.
Market Impacts and Future Prospects
QCP Capital analysts draw attention to the Ethereum market and note that there is significant interest in call options for contracts expiring between September and December. This trend suggests that market sentiment may shift towards Ethereum at a time when participants are looking for profitable opportunities amid Bitcoin's volatility. Selling pressure from miners and governments poses a significant challenge to Bitcoin's price stability.
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I EXPLAIN IN DETAIL.
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