Bitcoin miners sold 60% less BTC in July as crypto market volatility subsides
After a difficult period that slashed the prices of many of its digital assets, the cryptocurrency market seems to be slowly regaining its strength, easing up the selling pressure from public Bitcoin (BTC) miners as the price of the maiden token nears the $25,000 mark. Specifically, public miners sold 6,500 of their Bitcoin holdings in July, compared to around 14,600 the month before.
As a result, the BTC sell-off of publicly traded mining companies has more than halved between the two months, dropping close to 58%. However, it is still higher than in May, when public miners first faced the plummeting profitability of mining at a larger level. In May, Bitcoin miners shocked the community by selling off more than 100% of their production. In June, public miners sold four times as much as in May, dumping nearly 400% of their production amid dramatically bearish market conditions.
Source
t.me/Mining_Crypto_Miner
