At the beginning of this year, miners who sold large amounts of Bitcoin started to sell in smaller quantities as the price went up. As the selling pressure eased, Bitcoin approached $ 60,000 again and is trading at $ 57,803.
Bitcoin tied the record of $ 20,000 it broke in December 2017 at the end of last year. Miners began to put heavy selling pressure on the market a few days after the record broke.
A month’s reduction in sales pressure
According to Glassnode data, this pressure was felt most heavily when the price was in the range of $ 27,000-32,000. In this process, tens of thousands of Bitcoins came out every day from the wallets owned by the miners. These are assumed to be sent and sold on stock exchanges.
The miners changed their attitude after a few weeks of this process. At the end of February, they sold less Bitcoins than they produced for the first time after two months. This incident happened in the second half of March.
Supply / demand balance “getting better”
The mobility seen on the miners’ side contributed to the decrease in Bitcoin supply in exchanges. CryptoQuant CEO Ki Young Ju compared this number with existing stablecoin reserves and explained that “the supply / demand balance is starting to improve”.