The price of Bitcoin (BTC) dropped from $10,580 to as low as $10,258 on Coinbase on Sep. 13. The 3% fall within nine hours comes after on-chain data hinted at a potential miner sell-off.
Miners continue to apply high selling pressure on Bitcoin
Throughout the past week, on-chain analysts have said that miners have been selling relatively larger amounts of BTC.
Miners are one of the two unmatched sources of selling pressure in the cryptocurrency market besides exchanges. Consequently, when miners move their mined BTC, it can cause immense selling pressure to build.
Cointelegraph reported on Sept. 3 about the transfer of BTC funds from major mining pools. Ki Young-Ju, the CEO of the analysis firm, said:
“As I know, some Chinese miners already realize their mining profitability (return on investment), and they might not want new mining competitors joining the industry because of the bull market.”
Meanwhile, according to Glassnode, a metric that shows the inflow