Bitcoin miners havent sold this many Bitcoin since the China ban in 2021, as miners are sending more Bitcoin to exchanges than around the Luna/3AC collapse and the fall of FTX

Bitcoin miners are absolutely pivotal to Bitcoin’s price. Generally, when they hold their Bitcoin, the price stays relatively stable or is free to move up. But during periods when miners sell a lot of their holdings, we often see a drop in price.

New data shows that Bitcoin miners have not sold this many Bitcoin since the China ban in 2021. Back then, Bitcoin was hovering around $55,000 per coin and China’s State Council announced a formal ban on crypto mining. Shortly after, the hash rate on Bitcoin’s network dropped 50%, with BTC’s price plunging to about $30,000 in the ensuing months.

The selling we see from miners right now is actually greater than during the Luna/3AC/Celsius collapse AND than during the FTX collapse.

Source: James V. Straten

I think we are going lower….