As Bitcoin Slumps, BTC Miners Sell Of Their Tokens Creating Panic In The Market

The broader crypto market has been in a state of a downward price swing, with Bitcoin going lower almost daily. Before now, Bitcoin miners have put away some BTC tokens waiting for their sunny days to reap. However, the continuous price drop of virtual assets has set a constant downtrend for the most significant crypto token. Hence, miners are selling out their holdings to flatten the rising costs of operations and other activities as Bitcoin makes some rebounding steps. As per reports, there is an increase in the transfer of BTC tokens from miners to exchanges. The record shows a progressive rise from January, with the highest value for May at 195,663 BTC. With BTC’s average price of $32K in May, the total value is $6.3 billion for the sold tokens. Related Reading | Bitcoin Bullish Signal: 1k-10k BTC Holders Have Been Buying Recently The high value could not possibly be just a sell-off from miners. Some of them could move their holding for other transactions in exchanges. Also, some prominent firms might have transferred vast amounts of the BTC tokens for sale through exchanges. With Bitcoin’s price having dropped about 35% this year, different categories of sellers are emerging in the market. Some small-scale miners encountered enormous liquidation challenges. Riot Blockchain Inc. is part of the sellers. The public trading miners were involved in BTC stockpiling through price bets for token appreciation. In additi...