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Bitcoin Miners Continue to Sell!! Leading mining firms have joined major investment companies like Grayscale in selling hundreds of millions of dollars worth of Bitcoin. Last week, mining firms were observed to be releasing more than 10,000 Bitcoin into the market per day, and this selling trend is seen to be continuing unabated.
According to data from the on-chain data analysis platform CryptoQuant, there is a noticeable decline in the Bitcoin reserves of mining firms. The company’s analysts say that the amount of Bitcoin transferred from mining firms to exchanges has recently reached three times the amount going from exchanges to miners. This underscores the intense selling pressure being exerted by mining firms. Analysts suggest that this constantly increasing selling pressure could have a negative impact on Bitcoin prices in the short term.
Last week, miners were found to have sold 10,600 BTC in a single day, which is the highest sales volume in the past year. It is known that US-based mining firms have made major investments following the halving and have placed orders for new mining equipment.
In addition, Grayscale has been observed to have sold more than 106,000 Bitcoin since January 11. This further increases the selling pressure in the market.
The Halving is expected to occur in about 87 days. This means that the Bitcoin reward earned by miners will be halved, which usually has a long-term impact on the market. This halving process could affect the sales strategies of mining firms and Bitcoin prices.
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