👉👉Who is suppressing Bitcoin the most? They Sold More Than 100 Billion Dollars 👈👈
Bitcoin (BTC) miners are creating an unprecedented level of selling pressure in the markets.
According to data from the CryptoQuant blockchain analysis platform, miners sold a larger amount of Bitcoin in 2023 and 2024 than ever before in their history.
The amount of Bitcoin sold exceeded one hundred billion dollars
According to CryptoQuant data, miners sent a total of $166.2 billion worth of Bitcoin to cryptocurrency exchanges in the past years.
In comparison, they only withdrew $48 billion worth of Bitcoin from exchanges. It is estimated that the remaining Bitcoin worth $118 billion has been sold.
It is noted that most of these Bitcoins were sold in 2024. Analysts state that miners are the group that sold the highest amount of Bitcoin with the transactions they made this year.
Sales accelerated this year
Miners have started selling Bitcoin more actively, especially this year. This situation directly affected the spot markets by increasing the supply in the markets and not meeting the demand.
Bitcoin miners often sell Bitcoin to cover production costs and electricity costs. For this reason, they generally prefer periods when the Bitcoin price rises.
“However, 2024 paints a different picture, and the increase in the amount of BTC sent to exchanges may cause the Bitcoin price to drop even further,” commented an analyst.
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