According to TechFlow, on July 5, according to statistics from CryptoQuant analyst joaowedson, Bitcoin miners transferred a total of $166.2 billion worth of Bitcoin to centralized exchanges (CEX) from 2023 to 2024, most of which occurred in 2024, and only $48 billion worth of Bitcoin was extracted.

Joaowedson pointed out that such a large transfer by Bitcoin miners is unprecedented, making them the largest sellers in the cryptocurrency market. This phenomenon has led to oversupply in the market and weak demand, further affecting the price of Bitcoin. Miners usually sell Bitcoin when prices rise to cover production costs, electricity costs and the cost of increasing computing power, but the situation in 2024 is particularly different. The large influx of Bitcoin into exchanges may have exacerbated the decline in Bitcoin prices.