Bitcoin (BTC) Miners Sell Most in 5 Years
The bear market has been going on for a year now. Who still has the strength to sell their BTC after 365 days of suffering and pain in the crypto market? The answer is simple: Bitcoin miners. Rising global electricity prices and the falling price of BTC have made cryptocurrency mining increasingly unprofitable.
In today’s analysis, BeInCrypto looks at the indicators of Bitcoin Production Cost and Bitcoin Miner Sell Pressure (BMSP). In addition, we compare them with the recent breakout on the chart of BTC inflows to exchanges and with the Bitcoin network hashrate. Then, increased sales by miners signal a major overvaluation of the cryptocurrency market and usually occur during and at the end of a long-term bull market.
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