Bitcoin [BTC] miners sold nearly 400% of their production in June but...
withdrew a huge number of coins from their wallets, suggesting they may be planning to sell them. This can be evidenced by looking at miners’ reserves.Source: CryptoQuant
Needless to say, this indicator registered a big spike. Following such large spikes, Bitcoin did go down a while later . Such developments fueled some chaos within BTC mining operations and operators. In June, public minersCore Scientific and Bitfarms sold the most Bitcoin. Marathon and Hut 8 now hold the most Bitcoin after not selling in May and June.This graphical representation shed light on two contrasting scenarios. Public miners only sold between 20% and 40% of their Bitcoin production from January to April this year. However, the strategy worked until Bitcoin’s price plunged from $40k to $30k in May.
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