One of the whales that have caused the cryptocurrency market to fall recently have been miners.
After the Bitcoin halving, mining rewards were cut in half, so older model mining machines were no longer used as they were no longer cost-effective.
As a result, mining activity decreased, and miners began selling Bitcoin in OTC transactions to cover mining operation costs.
The current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of bitcoins miners are sending out of their wallets has been rapidly decreasing recently.
In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.
Positive movements in the cryptocurrency market can be expected in the third quarter of 2024.
Written by Crypto Dan