According to TechFlow, James Butterfill, head of CoinShares research, wrote on the X platform that although miners have sold more than $1 billion worth of Bitcoin this year, a record high, this data is misleading because miners are also producing Bitcoin at a record high. Proportionally, the Bitcoin sold by miners this year only accounts for 1% of their total holdings, compared with 2% in 2018 and 2015.