One of the whales that have caused the cryptocurrency market to fall recently can be seen as miners.
Until recently, the market had not been able to completely absorb the selling volume from miners, but it can be said that the selling pressure from miners has been greatly reduced for the following two reasons.
1. The quantity of Bitcoin sent by miners to exchanges for sale has decreased significantly since May.
2. The volume of the OTC Desk used by miners for selling purposes was piling up as they could not find a buyer until recently, but on June 29th, the volume of the OTC Desk was all consumed. It's highly likely that someone has shown up to purchase the Bitcoin.
Miners' selling pressure has decreased significantly and their selling volume is being digested quickly.
Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024.
Written by Crypto Dan