In June, public miners eliminated a quarter of bitcoin reservations
For June, public mining companies sold about 14 600 BTC, which amounted to 23% of their total reserves in the first cryptocurrency. Analytics Arcane Research drew attention to this.
From January to April, the norm was the sale of 20% -40% of the extracted cryptocurrency, in May miners for the first time sold 100% of the volume of generated digital gold. In June, this figure exceeded 400%, said Jason Mallory.
Core Scientific and Bitfarms were the sales leaders of the Bitcoin Holding. The first in the last two months got rid of almost 10,000 BTC, of which more than 7000 fell on June.
Mallori recalled that at the beginning of the year Core Scientific, leading on the share of the hash, had the largest reserves in Bitcoin among public miners. At the end of June, the company has less than 2000 BTC.
The leader in the volume of belonging to the cryptocurrency was the Marathon Digital Holdings, which confirmed the commitment of the strategy for the accumulation of the extracted asset.
According to the expert, an increase in bitcoin sales is caused by the need for liquidity to finance activities and repay debt obligations. It was Core Scientific and Bitfarms that had the highest loom for providing equipment or cryptocurrency as of March 31 – shortly before the market fall.
The analyst believes that the low volume of the implementation of bitcoin holdings is confirmed by players such as Marathon, Cleanspark and Riot. These firms did not have such debts before the onset of the bear phase.
Mallory believes that in June the market survived the “worst sale” of Bitcoin by public miners. The expert is sure that in the coming months, the miners will have to implement a smaller part of the received cryptocurrency than in May-June. He noted the two main reasons why such a “mass reset” in the foreseeable future will not happen:
- The companies implemented a significant part of the reserves and those who did not do this, like Marathon or Hut 8, will rather continue to withhold assets;
- The volumes of loans secured by bitcoin decreased sharply, which eliminated the greatest risk of cryptocurrency sale.
Recall that in June, Bitcoin major received a total income Laguna Labs launched of $ 668 million. The indicator decreased by 26% compared to the previous month.
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