Poor performance of $BTC could be the result of the massive selling activity of Bitcoin miners
According to Glassnode, the industry remains under"immense financial stress" for the aforementioned reasons. In their study, Glassnode and CryptoSlate found out that miners are distributing around 135% of mined coins.A value above 100% suggests that miners are selling more than they issued recently.
As the data suggests, Bitcoin miners are dipping into their treasuries. By selling their reserves, they are trying to cover rising electricity costs that effectively push the profitability of mining operations down.Unfortunately, the use of reserves is a sign of a deep crisis in the industry. If the bear market gets aggravated and drags on for a few more months, we might see more liquidations in the mining industry.
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