Bitcoin Miners Appear To Have Stopped Their Selling
In a CryptoQuant Quicktake , an analyst has talked about how the selling pressure concerns from miners have resolved recently. There are two on-chain indicators of focus here.The first of these is the “Miner to Exchange Transactions,” which, as its name suggests, keeps track of the total number of transactions that are going from miner-related wallets to exchange-affiliated ones.
It would appear that the miners saw the rally as an exit opportunity, as they gradually upped their selling pressure as the price went towards a new all-time high (ATH).
It’s also apparent, however, that since the peak in April, the indicator’s value has observed a very rapid decline. Thus, it’s possible that miners’ appetite for selling has cooled off.Exchanges aren’t the only way miners sell, however, as over-the-counter (OTC) desks are also a popular option among these chain validators. Below is a chart that shows the trend in the Total OTC Desk Balance, which is an indicator that keeps track of the non-exchange and non-miner wallets that miners send to when they want to sell.
From the graph, it’s visible that the Total OTC Desk Balance had been at relatively high levels just earlier, suggesting that these entities that are likely OTC desks had been holding a large number of coins. In the past couple of days, though, the indicator has seen a sharp decrease, potentially implying that the coins that had piled up in these wallets have now found a buyer. Thus, it would seem that miners have eased off their selling pressure on exchanges and the coins that they had been waiting to sell on OTC desks have also now been absorbed. “Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024,” notes the quant.