Crypto Miners Have Sold Bitcoin for $2 Billion Since the Beginning of the Month

Bitcoin miners have sold $2 billion worth of BTC since the beginning of June, the fastest sell-off in more than a year and bringing the total to a 14-year low.

Bitcoin miners have sold $2 billion worth of BTC since June, the biggest sell-off in more than a year and leading to a 14-year low. This substantial sell-off has caused turmoil in the market and raised concerns about the leading cryptocurrency’s short-term price action.

Several factors are causing this pullback, including the recent halving event and the significant decline in profitability. After the halving, increased costs pressured miners to sell.

Despite positive news, such as Microstrategy’s purchase of nearly 12,000 BTC, Arthur Hayes’ bullish forecast and Michael Dell’s support, Bitcoin’s price action remains weak, trading at $62,600 at the time of writing.

Miners’ reserves have declined by 50,000 BTC since the beginning of the year, reflecting financial distress.

Adding to the pressure on the market is the fact that the German government recently sold around 3,000 BTC, with a further 47,000 BTC reportedly to be sold.

Market speculation suggests a cap on Bitcoin prices in the short term, but predicts a bullish trend towards the end of the year. Large call option sales expiring within a month and aggressive buying for the September to December period indicate expectations of a summer consolidation followed by a bull rally.