Bitcoin’s recent price action could relate to miner selling.
Mike Alfred, co-founder and CEO of data analytics outfit Digital Assets Data, recently pointed toward miners as a potential catalyst for recent Bitcoin (BTC) price activity.
“It is tough to say definitively, but it appears as though the miners' actions are having a direct, immediate impact on price,” Alfred told Cointelegraph on July 1.
“This is especially evident during outlier events like on the 23rd, where we saw miners offload >300% more BTC than they mined that day,” he added, referencing June 23 activity.
Image courtesy of Digital Assets Data
June 18 hosted different behavior
"Rolling MRI (Miner's Rolling Inventory) has declined significantly since the halving, meaning that miners are holding onto more BTC than they are mining, Alfred said in June 18 comments to Cointelegraph, referencing a notable uptick in Bitcoin’s mining difficulty.
In contrast, MRI flew upward on June 23, Alfred told Cointelegraph on July 1.
On paper, this essentially means greater miner focus on selling, which could be one of the reasons for Bitcoin’s downward price action as of late.
Cheds looks toward indicators
Bitcoin has largely traded sideways for the last two months, although recent pressure slightly favors sellers. Af