Bitcoin Halving Means Miners Will No Longer Be Biggest Sellers of BTC
Following the Bitcoin (BTC) halving on May 12, traders generally expect the price of the top-ranking cryptocurrency by market capitalization to drop. According to a prominent on-chain analyst, the selling pressure may come from crypto exchanges.
Willy Woo, the co-founder of Hypersheet, said that exchanges will likely begin selling their storage of crypto assets composed of trading fees. Typically, exchanges receive trading fees in the form of cryptocurrencies and sell them to cover operational costs.
Considering that the crypto exchange market generates 1,200 BTC a day from fees — equivalent to $11.6 million — it may slow down the uptrend of Bitcoin.
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