The overhang of Bitcoin supply from miners has significantly decreased. Such data was brought to CryptoQuant.
Experts recalled that this category of market participants has recently caused a drop in quotations.
The driver was the halving that took place in April, which deprived the old models of digital gold mining devices of economic efficiency. The change in conditions forced the owners to sell off stocks of the first cryptocurrency in over-the-counter transactions to cover the costs.
"The current market can be considered as being in the process of "digesting". The number and quantity of bitcoins that miners send from their wallets has been declining rapidly lately," the analysts wrote.
Data: CryptoQuant.In other words, when the entire volume of these sales is absorbed, the prerequisites for the resumption of the rally will be formed, they added.
CryptoQuant predicts that this will happen in the third quarter.
Earlier, the company's specialists estimated that the largest bitcoin owners, including miners, have reduced positions through OTC platforms by $1.2 billion over the past two weeks.
According to CryptoQuant, by June 20, the volume of reserves of digital gold miners had decreased to 1.81 million BTC — the indicator fell below the levels of 2021.
Recall that Upstream Data customer relations manager Adam Ortolf announced a "survival game" among bitcoin miners.