Bitcoin miners are selling like crazy! đ¨
Bitcoin miners recently dumped over 30,000 BTC worth up to $2 billion,
which has been sold off by miners since June. This historic sell-off is the fastest pace in more than a year as miners scramble to adjust to the post-halving situation. The halving event reduces mining rewards, squeezes profits, and forces miners to liquidate their Bitcoin holdings.
As a result, miners' reserves fell to their lowest level in 14 years. The sell-off sent shockwaves through the cryptocurrency market, and Bitcoin's price was hit hard, falling from $71,907 at the beginning of June to $63,378.89 at the end of the month.
But it's not just Bitcoin that's feeling the panic. Altcoins in general have also seen sharp declines, some by more than 20%, and the market is volatile and the outlook is uncertain.
Will this sell-off trigger a domino effect that causes prices to fall further?
