Are Bitcoin miners sold out? On-chain data shows massive decline
There is a serious decrease in the Bitcoin sales of miners, whose earnings almost halved with the halving in April, which peaked at the beginning of this month. While on-chain data confirms this decrease, it is seen that the number of Bitcoins withdrawn from the exchanges daily, which is around 50 thousand, has dropped below 10 thousand.
Miners, who made the biggest BTC sales of the last year at the beginning of June, have seriously reduced these sales in recent days. As it is known, one of the biggest reasons for the decline in Bitcoin price in recent weeks was miner sales.
After the halving, miners, whose rewards were halved, started selling their BTCs to cover their costs.
“Upward rally may begin”
In the short analysis shared by on-chain data platform CryptoQuant, “The selling pressure of miners is weakening. If most of the selling volume has been absorbed, conditions may arise to initiate an upward rally. "We think that upward movements in the cryptocurrency markets will begin as of the 3rd quarter of 2024."
In the CryptoQuant chart below, it is seen that sales, which peaked in May and early June, have started to decrease in recent days and have entered a major decline.