🔥🔥Bitcoin Miners Create Unprecedented Selling Pressure in 2024, Sending Over $166 Billion to Exchanges 🔥🔥

Bitcoin miners are creating unprecedented selling pressure on the markets. According to blockchain analytics firm CryptoQuant, miners sold more Bitcoin in 2023 and 2024 than ever before. According to data from CryptoQuant, miners have transferred a total of $166.2 billion worth of Bitcoin to exchanges over the past few years, while only $48 billion has been withdrawn. This represents sales of approximately $118 billion.

This unprecedented wave of selling by miners in 2023 and 2024 increased the supply of Bitcoin in the market and led to a significant impact on spot markets. Miners have been selling large volumes of Bitcoin to cover their operational costs and electricity bills, causing supply to increase if demand remains constant or decreases. This imbalance directly caused volatility in Bitcoin prices.

The increasing Bitcoin sales trend in 2024 is remarkable. Analysts state that miners have become the largest sales group in the market this year. “2024 is seen as a year when the increase in the amount of Bitcoin transferred to exchanges could push prices even lower,” said an analyst.

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