According to Glassnode, the fall of the market in 2022 was provoked, among other things, by bitcoin miners.
They dumped part of the mined cryptocurrency, which led to a rollback of BTC below $33,000 last month. However, sales started only at the very end of January and continued into the first days of February.
If you pay attention to the data of the Glassnode platform, you can see that miners sold bitcoins in September, November, and at the turn of January-February. At the same time, most of the time, mining pools mostly saved up and refused to sell coins even during BTC races.
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Last Saturday and Sunday miners sold 1660 and 1733 coins respectively. In December-January, the pools mostly accumulated, which means that they did not cause the cryptocurrency to collapse from $55,000 to $35,000, according to a note from Delphi Digital.
The cumulative strategy of miners has a positive effect on the bitcoin rate, as the pressure on the asset is weakening, experts say. One of the factors contributing to the easing of the pressure is the decline in the BTC exchange balance.
According to IntoTheBlock, on January 29, traders withdrew 64,000 bitcoins from exchanges. Just after that, there was a short-term jump in cryptocurrency by 18.5%.