Bitcoin Miner Sell Pressure Reaches Six Year High
Bitcoin miners are selling their coins at a record pace after the top cryptocurrency by market cap fell to its lowest price in 2022 this month. According to Charles Edwards – founder of Capriole fund – Bitcoin miner sell pressure has skyrocketed by 400% within 3 weeks alone.
His data is backed up by a similar finding from Glassnode, which showed total miner balances plummeting to a 10-month low this week. Their holdings are now worth roughly $30.4 billion, representing almost 10% of Bitcoin’s supply. This task becomes more difficult during a bear market when the Bitcoin produced by each block is worth significantly less in dollar terms.
Source
t.me/Mining_Crypto_Miner
