Following the recent cryptocurrency market downturn, Bitcoin miners sold 7,761 BTC over the past seven days, according to a report from Glassnode. The highest weekly sell-off recorded in the past 4 years has brought their bitcoin balance near a one-year low.
The analysis shows that the decline in Bitcoin prices is the main reason for these miners to sell, and the lower BTC price will not only affect the profit margin of their mining machines, but also affect investor sentiment during this time.
In addition, the share price of Bitcoin mining companies also fell sharply, so they had to sell their own BTC reserves in order to provide sufficient cash flow for their operations.
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