In May and June, miners sold most of the mined bitcoins.
A study by Arcane Research says that just last month, mining companies sold almost 25% of the total amount of accumulated cryptocurrency. Over the past few weeks, they have sold about 14,600 BTC - almost four times more than in May, the researchers emphasized.
During the same time, the companies were able to extract 3900 coins. Analysts believe that there was a June capitulation of miners. This is another factor signaling that a local bottom has been reached.
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Mining pools were forced to dump the lion's share of accumulated bitcoins in the spring-summer of 2022 to receive financial resources to maintain performance in the face of the dominance of bearish sentiment in the market.
In addition, mining companies need money to pay for the supply of new equipment and pay debts to creditors. Blockware Solutions analyst Will Clemente shares the view of those experts who believe that the miners have capitulated.
In his opinion, most likely, bitcoin has found the bottom, and a further rollback of the coin is unlikely.