Miners Sold Their Bitcoins in Early February
According to a recent report released by Glassnode, the fall of the market in 2022 was partially caused by Bitcoin miners.
The company analysts believe they sold part of the mined cryptocurrencies, which led to a rollback of BTC below $33,000 last month. However, the sales started only at the very end of January and continued into the first days of February.
According to the data provided by Glassnode, miners sold Bitcoins in September, November and at the turn of January-February. At the same time, most of the time, mining pools mostly saved up and refused to sell coins even during BTC races.
Last Saturday and Sunday miners sold 1,660 and 1,733 coins, respectively. In December-January, the pools mostly accumulated, which means they did not cause the crypto to collapse from $55,000 to $35,000, according to a note from Delphi Digital.
According to experts, the cumulative strategy of miners has a positive effect on the Bitcoin price, as the pressure on the asset is weakening. One of the factors contributing to the easing of the pressure is the decline in the BTC exchange balance.