Miners Have Been Selling More Bitcoin Than They Generate, Recent Data Suggests

[SRShanuka2020]

Miners Have Been Selling More Bitcoin Than They Generate, Recent Data Suggests

Last week, Bitcoin (BTC) miners sold 11% more coins than they generated over the same period, June 1 data from on-chain analysis portal ByteTree suggests.

According to the portal's metric that tracks Bitcoin wallet addresses associated with miners, around 5,800 BTC was generated over the past seven days, compared with over 6,500 "first spend" transactions.

The "first spend" that is used for the calculation is “the first time that a Bitcoin leaves the wallet it was generated in,” a ByteTree spokesperson explained to Cointelegraph, elaborating on how their metric works in greater detail:

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[Alter]

Does it mean they already cashed out and send all their coins to the market? If this already happened, the supply of Bitcoin in the market was already bigger than the usual day. But luckily, the price of Bitcoin still looks good. I am sure it is a positive signal for the next rising.

[UNIVERSE]

Is this the sign that Bitcoin prices starting to drop? I still hope that the green mark in Bitcoin price to survive longer. The halving day is already over, now we are waiting for the effect of that event. It should be very disappointed if the Bitcoin to drop again.

[debra]

Let's see what will happen with the Bitcoin price in the next few days. I doubt there is a big drop after this. If it is likely t happen, I think many whales starting to withdraw their assets from exchanges. And it seems not to happen yet.

[Fenix]

Perhaps this is due to the fact that after the bitcoin is halved by half, the efficiency of the miners has decreased and in order to increase it, they need more advanced mining equipment. Some of them are switching to mining another cryptocurrency and this also requires additional costs. Therefore, after such an event in the first months, bitcoin usually falls a little in price.