- Bitfinex published a report on the Bitcoin market.
- Experts noted the outflow of assets from miners’ accounts.
- They believe this puts downward pressure on the coin, causing the price to fall.
Bitcoin is under downward pressure from miners who are selling assets ahead of the next halving. This follows from report Bitfinex experts.
“Much of the recent decline in Bitcoin price, particularly following the approval of spot ETFs, can be attributed to the actions of miners,” the report said. “The sale allows them to raise capital to upgrade their infrastructure. It is also a reminder of how much influence these counterparties have on market liquidity and price formation.”
Experts' conclusions are confirmed by analytical data. According to Glassnode, since the beginning of the year, the volume of Bitcoin miners' reserves has been constantly decreasing:
“Last week saw the largest outflow of funds from miners’ wallets of all time. And this figure will continue to grow,” experts say.
Previously, we covered a CoinShares report, according to which the cost of cryptocurrency mining will increase significantly after the halving.
A drop in the asset price below $40,000 will lead to mining becoming unprofitable for most small counterparties, experts believe.
At the time of writing, Bitcoin is trading at $43,179, according to TradingView. A slight drawdown was recorded on the weekly chart: