Bitcoin miners start selling cryptocurrencies
Bitcoin miners have started selling the tokens they have accumulated in the past to cover their costs in the market, which is not showing many signs of a price recovery.
According to Coin Metrics data compiled by Compass Mining, miners transferred approximately 195,663 coins in May, marking the highest level since January.
Considering that the average price of bitcoin in May was around 32,000, the value of tokens sold equates to $6.3 billion. Although this means companies are transferring large amounts of coins from their digital wallets to trading platforms for sale, it does not mean that this entire amount is sold.
Publicly traded Riot Blockchain Inc., which continues to store bitcoin with providers in anticipation of rising prices. There are also.
Compass Mining’s Will Foxley said, “They think miners are only talking about the macro environment and it’s probably wise to sell bitcoin at this level to keep their operations safe.”