According to Odaily, the recent significant drop in Bitcoin's value has been attributed to various factors by market observers. These include selling pressure from Bitcoin mining operators, Mt.Gox refunds, and recent sell-offs by the German government. However, Greg Cipolaro, the research director at NYDIG, stated in a report on Wednesday that these claims have been exaggerated.He added, 'While sentiment and psychology may play a dominant role in the short term, our analysis suggests that the potential impact of sell-offs on the price may have been overstated. We are not unaware that other factors are at play, but we can reasonably assume that rational investors may find this an interesting opportunity created by irrational fear.'Cipolaro also stated that recent reports about miners significantly reducing their Bitcoin reserves after this year's halving event have not only been exaggerated but are completely inaccurate in some cases. NYDIG's data shows that listed mining companies actually increased their Bitcoin holdings in June. Although the amount of Bitcoin sold last month has slightly rebounded, it is still far below the levels seen earlier this year and last year.