According to CryptoQuant's figures, miners have recently become less likely to sell off inventory to cover their costs through over-the-counter trades.
“The market can be seen as being in the process of being digested. The number of bitcoins that miners send from their wallets has been declining rapidly recently,” analysts said.
This behavior of market participants is one of the main reasons for the decline in the rate of the first cryptocurrency, according to CryptoQuant. When the market completely absorbs the entire volume of BTC sales from miners, the prerequisites will be formed for the resumption of an increase in the value of the asset.
By the end of June, the volume of reserves of digital gold miners decreased to 1.81 million BTC, CryptoQuant experts state, which is below the level of 2021.
Earlier, IntoTheBlock reported that user activity on the Bitcoin network had dropped to a record low since 2010. This is caused by a decline in retail trading of the first cryptocurrency on the market.
