According to ChainCatcher, James Butterfill, head of research at CoinShares, said: "So far this year, miners have sold slightly more than $1 billion worth of Bitcoin, which is a record, but it is misleading because miners are also producing Bitcoin at a record high in terms of US dollars. If you look at it proportionally, you will find that the proportion of Bitcoin sold by miners to total Bitcoin holdings is not high, only 1% so far this year, and 2% in 2018 and 2015."