A wind of change is blowing through the bitcoin market. Miners appear to be taking a new approach to recent challenges. Recent data shows a decrease in BTC sales by these players. A new strategy which could bode well for a phase of consolidation and recovery for the flagship crypto.
Bitcoin miners cut back on sales
The selling pressure from bitcoin miners, which had weighed heavily on the market in recent months, is finally showing signs of easing. According to a recent analysis by CryptoQuant, Miners significantly reduce their bitcoin salesa change that could mark a significant turning point for the crypto market.
Last April's halving decreased rewards from 6.25 BTC to 3.125 BTC per mined block. This event made several mining operations less profitable, forcing miners to sell more bitcoins to cover their operational costs. For example, Marathon Digital Holdings, one of the largest bitcoin mining companies, sold 1,400 BTC as of June 10, compared to just 390 BTC on May's account.
Fewer bitcoin sales by miners: what effects on the price of crypto?
The reduction in bitcoin sales by miners could impact the dynamics of the crypto market. Indeed, miners have long been key players in price movements, with their massive sales often exacerbating market declines. Now, with a notable decrease in selling pressure, the market could more easily absorb the remaining bitcoins, thereby reducing short-term volatility.
The latest data from CryptoQuant shows a decline in bitcoin transfers from miners' wallets, indicating increased retention of their assets. This downward sales trend is partly due to better cost management and optimization of mining operations. Miners, faced with a halving of mining rewards, have had to adapt their strategies to maintain profitability.
By holding on to more of their bitcoins, they appear to be betting on future price appreciation, which could stabilize the market in the medium term. If this trend continues, it could boost investor confidence and contribute to a more stable and predictable market environment.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
