According to ChainCatcher, QCP Capital said that miners are under tremendous selling pressure due to the increase in break-even prices after the halving. Miners' BTC holdings have fallen to the lowest level in the past 14 years, and the total reserves have decreased by 50,000 from the beginning of the year. The market is also panicked by the emergence of a large amount of new supply. The German government is said to have sold about 3,000 bitcoins in the past few days and will sell another 47,000 bitcoins in the future.
