Crypto:
30602
Bitcoin:
$60.003
% 2.38
BTC Dominance:
%53.3
% 0.02
Market Cap:
$2.17 T
% 1.84
Fear & Greed:
25 / 100
Bitcoin:
$ 60.003
BTC Dominance:
% 53.3
Market Cap:
$2.17 T

Bitcoin Miners Sold $2 Billion BTC Since June

Bitcoin Bitfarms

Data shows that Bitcoin mining companies are making significant BTC sales to cover their costs.

According to a recent report by IntoTheBlock, a crypto analytics firm, Bitcoin miners have sold over 30,000 BTC (approximately $2 billion) since June.

This selling rate is the fastest observed in over a year. Analysts believe that the recent halving event triggered this sell-off due to the potential decline in profits.

QCP Capital expressed the pressure Bitcoin miners are currently facing. The post-halving break-even prices have put miners under significant pressure. As a result, miner BTC holdings have fallen to their lowest level in 14 years, with total reserves down 50,000 since the beginning of the year.

Adding to the market’s nervousness is the emergence of a new large supply pool. The German government is reportedly selling around 3,000 BTC, with another 47,000 BTC expected to be sold.

Despite the current market conditions, QCP believes that the volatile market is pointing to a bullish outlook towards the end of the year. QCP Capital’s trading desk observed a large amount of put option selling for sub-one-month maturities and aggressive call option buying from September to December. According to the firm, this suggests that the market is pricing in a summer consolidation period followed by significant movement towards the US elections.

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