Miners were the first to start selling Bitcoin when it soared above $26,000


Bitcoin soared to a peak of $26,000 this week, the highest since June 2022. Unfortunately, Bitcoin's rise was short-lived as major Bitcoin holders began to unload their stocks.

According to a report by CryptoQuant, miners were the first to start selling, as Bitcoin began to gain momentum due to banking problems in the United States. The amounts on the wallets of these miners were also decreasing, which means that they will continue to sell for some time. Researchers have noticed an increase in the activity of mining pools, most of which is associated with the replenishment of exchange wallets; in other words, the sale of cryptocurrencies will not end in the near future.

Experts note that since early March, miners have taken a wait-and-see attitude and have been accumulating BTC. However, they have only just begun to put it into practice. At the same time, processing power has declined over the past few days - while on March 12 it was 359 Eh/s, by March 16 it had decreased to 310 Eh/s (according to BitinfoCharts). Once BTC plunged into a bear market, miners' participation decreased.

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