Profit taking Bitcoin miners won’t stop the next bull run: On-chain analyst

Historical data shows that some miners began to sell Bitcoin (BTC) at the end of July, leading to increased selling pressure in the cryptocurrency market. On-chain data analysis firms closely observe the movements of miners and whales because they hold significant amounts of BTC.

He said: According to ByteTree, the net inventory of Bitcoin miners declined by 125 BTC per week in the last 12 weeks. Source: ByteTree As Ki emphasized, the data shows that miners sold substantial amounts of BTC, but not in amounts that were irregular to normal behaviour.

Timeline of Bitcoin