Golden Finance reported that many market observers have blamed the recent BTC plunge on selling pressure from Bitcoin mining operators, Mt.Gox refunds, and the recent German government sell-off. Greg Cipolaro, head of research at NYDIG, said in a report on Wednesday that the above claims are exaggerated. He added: "While emotions and psychology may play a leading role in the short term, our analysis shows that the impact of potential sell-offs on prices may be exaggerated. We are not unaware that there are other factors at work, but we can reasonably assume that rational investors may find this an interesting opportunity created by irrational fear." Cipolaro also said that recent reports that miners have significantly increased their Bitcoin reserves after this year's halving event are not only exaggerated, but in some cases completely inaccurate. NYDIG data shows that listed mining companies actually increased their Bitcoin holdings in June. Although BTC sales have recovered slightly last month, they are still far below the levels of earlier this year and last year.