The CEO of CryptoQuant, Ki Young Ju, said that the volume of bitcoins sold by miners has increased recently, but this will not stop the next bull market.
CryptoQuant analyzes the movement of bitcoins by miners and large holders. CEO of the company Ki Yong Ju noted that at the moment the market is under pressure from miners and cryptocurrency exchanges. He wrote on the social network Twitter:
“There are only two powerful sources of pressure on bitcoin in the market: miners who sell the extracted BTC, and exchanges that take commissions from traders and sell bitcoins on the market. Some miners started selling BTC as early as the end of July, but in the long run, I think bitcoin sales by miners are not so great as to stop the next bull market.”
At the same time, Ki Yong-Joo stressed that the sale of bitcoins by miners can lead to strong fluctuations in the rate of the first cryptocurrency. Even a small influence of miners on the price of bitcoin leads to an avalanche of liquidation of positions of traders who trade with a large leverage, and to powerful price movements.
Earlier, The Block reported that bitcoin miners were able to earn $368.3 million in August, which is 23.19% more than the results of July.