Happycoin.club - According to a recent report from analytics platform IntoTheBlock, since the beginning of the first month of summer, Bitcoin miners have sold more than 30,000 BTC worth about $2 billion. As a result, miner reserves, which stood at more than 1.94 million BTC at the beginning of June, fell by June 22 below 1.91 million BTC.
The document highlights that this is the fastest pace of sales in more than a year, reducing the total volume of bitcoin assets of miners to the lowest level in 14 years. BTC sales were carried out by such well-known mining pools as Poolin, Viabtc, Antpool, Binance, Bitfury and Bixin.
This surge in sales is due to the recent halving, which significantly reduced miners' profits. After April 20, their block reward dropped from 6.25 BTC to 3.125 BTC.
The rapid liquidation of miners put significant downward pressure on the cryptocurrency market. Bitcoin's price, which hit $71,907 earlier this month, fell about 12% to $63,378.89, its lowest level in six weeks.
The altcoin market experienced an even sharper decline, with the value of leading altcoins such as Solana, Cardano, Dogecoin and Shiba Inu falling by more than 20%.