Not Seen in Bitcoin for a Year: Decreased by 30 Thousand in a Few Weeks

Bitcoin (BTC) miners sold tens of thousands of BTC in a few weeks due to increasing pressures in the market.

According to the report published by analysis company IntoTheBlock, Bitcoin (BTC) miners have sold more than 30 thousand Bitcoins since the beginning of June. Bitcoin hasn't been sold this fast for more than a year.

It creates selling pressure in the market

QCP Capital wrote that Bitcoin miners are facing a selling pressure.



After the halving, mining revenues and expenses broke even, putting miners under pressure. With the Halving in April, the reward Bitcoin miners received per block dropped by half.

Because of this pressure, the amount of Bitcoin (BTC) held by miners who started selling their Bitcoins decreased to the lowest amount seen in the last 14 years, and the total amount decreased by 50 thousand since the beginning of the year.

More sales may come

The selling pressure in the market is not only caused by miners. The German government also sold approximately 3 thousand Bitcoins in the past week. It is claimed that the German government and Bitcoin miners may sell more than 40 thousand Bitcoins in the future.

QCP Capital analysts are focusing on the Ethereum (ETH) market in this process. According to QCP Capital data, call options are intensely purchased from contracts that will mature in September-December.