Bitcoin (BTC) Miners Hold 27 Percent Less BTC

Bitcoin miners had stated that they had to sell Bitcoin (BTC), the cryptocurrency leader, citing bad market conditions. However, this situation seems to have reversed in the current period.

Bitcoin's (BTC) journey to $25,000 in August led to a reduction in pressure on a Bitcoin mining industry that has been struggling through 2022. At one point, miners realized that the cost of production was much higher than the spot price of Bitcoin (BTC), raising fears of heavy selling to keep miners in business. While data since May confirms that there has been massive turmoil, Arcane notes that only one public miner, Core Scientific, recorded sales of nearly 12,000 BTC in the May-July period. Arcane analyst Jaran Mellerud said in a statement: "Although public miners sold less than half the amount mined in July as they did in June, if we look at the percentage of Bitcoin production sold, we see that they continue to unload their assets." Public miners sold 158 percent of their Bitcoin holdings in July, the third consecutive month in which they sold more than they produced. For context, in April 2022, miners' "hodled" cryptocurrencies were at an all-time high, thanks to years of saving at least 60 percent of BTC received through block subsidies each month. Arcane analyst Jaran Melleurd continued: "If nothing significant happens to the Bitcoin price, I expect selling pressure to continue at between 100 percent and 150 percent of production, which equates to 4,000 to 6,000 BTC per month." Bitcoin (BTC) may be up 36 percent from its June low, but for miners, this period looks set to continue. The investment information, comments and recommendations in this article are not investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.