Bitcoin Miners Dumped $2B Worth of BTC Since June, Triggering the Recent Price Crash: Report

On-chain data showed that the sudden downfall in the trading price of Bitcoin is occurring due to a large amount of Bitcoin being sold by major Bitcoin miners.

Major Bitcoin miners have sold over 30,000 BTC ($2 billion) since June, according to a report by IntoTheBlock. This is the fastest pace of miner outflows in over a year.

The recent Bitcoin halving event may have reduced profits for the Bitcoin miners, prompting the sell-off. Miner BTC holdings are now at their lowest in 14 years.

Under this high Bitcoin sell pressure situation, the majority of the big players, who purchase Bitcoin via Bitcoin spot ETF products, are also selling their holdings.

Since the last 7 days, the Bitcoin spot ETF market only saw a net outflow of the funds.

In particular, on June 21, the Bitcoin spot ETF saw a total outflow of $106 million and has continued to see outflows for 6 days straight. The Grayscale ETF GBTC experienced a one-day outflow of $34.2043 million. Currently, the Bitcoin spot ETF’s total assets amount to $55.547 billion.

Despite the bearish sentiments, the majority of the institutions are focused on buying Bitcoin.

Currently, top fund managers have been accumulating Bitcoin on behalf of the customer for their BTC ETF buyers.

A report noted that BlackRock (IBIT) holds 305,614 BTC; Grayscale (GBTC): 277,067 BTC; MicroStrategy (MSTR): 226,331 BTC; Fidelity (FBTC): 167,375 BTC; Tether: 75,354 BTC; ARK 21Shares Bitcoin ETF (ARKB): 46,335 BTC.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-miners-dumped-b-worth-btc-june-triggering-price-crash-report.html

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