According to CryptoQuant's figures, miners have recently become less likely to sell off stocks to cover their expenses through over-the-counter transactions.
"The market can be considered as being in the process of "digesting". The number of bitcoins that miners send from their wallets has been declining rapidly lately," the analysts said.
This behavior of market participants is one of the main reasons for the depreciation of the first cryptocurrency, according to CryptoQuant. When the market completely absorbs the entire volume of BTC sales from miners, the prerequisites for resuming the increase in the value of the asset will be formed.
By the end of June, the volume of reserves of digital gold miners had decreased to 1.81 million BTC, CryptoQuant experts state, which is below the level of 2021.
Earlier, IntoTheBlock reported that user activity on the Bitcoin network had fallen to a record low since 2010. This is due to the decline in retail trade of the first cryptocurrency on the market.