The first week of June saw the start of a sell-off phase in the cryptocurrency market, with most cryptocurrencies seeing a 4-year low.
The deteriorating market conditions have also harmed the profitability of Bitcoin mining, prompting miners to sell their BTC holdings.According to recent statistics from Arcane Research, public Bitcoin mining companies sold all of their production of BTC in May as opposed to the typical 20–40% in April.
Public BTC mining companies sold 30% of their mined output in the first four months of 2022. This percentage jumped thrice in May and is predicted to surge even higher in June.One of the biggest whales on the market, miners possess 800,000 BTC in total.
Among them, public miners control 46,000 BTC, and their selling binge could drive the price much lower on the charts.When the price of Bitcoin fell below $21,000, the ratio of miners to exchange flow hit a new 7-month high.Read more on ambcrypto.com