Ramazan Eles 
Bitcoin (BTC) price has been in a correction phase for the past few weeks due to selling pressure in the market. However, according to information from blockchain analysis platform CryptoQuant, the selling pressure on Bitcoin is starting to ease.
One of the factors that caused the Bitcoin price to fall in recent weeks was Bitcoin miners. After the halving in April, the Bitcoin block reward was halved. This also reduced the miners’ total daily revenue by approximately half. This led to the exit of miners who were not profitable enough and the upgrading of equipment by the remaining ones. In order to cover operating costs, miners sold large amounts of Bitcoin through OTCs during this process.
According to CryptoQuant’s data, the Bitcoin market has been trying to absorb the coins released by miners into the market for the past few weeks.
An analyst commented on the matter: “Fortunately, the amount of Bitcoin coming out of miners’ wallets has been decreasing rapidly in recent times.” The analyst added: “In other words, the selling pressure from miners is decreasing, and if the entire sales volume is absorbed, the necessary conditions for the upward rally to continue may be met.” The analyst expects positive movements in the cryptocurrency market from the third quarter of 2024.
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