BlocksInform
Bitcoin miners appear to have reduced the pace at which they were offloading tokens, indicating that some selling pressure on the token may have eased.
Bitcoin prices stabilized around $20,000 after tumbling as low as $17,922 last week. The token now appears to be treating $20,000 as a support level.
A bulk of this tumble was also driven by Bitcoin miners offloading their holdings. Data last week showed that miners moved a record amount of Bitcoin onto exchanges last week, which eventually resulted in more price declines.
But after a massive sale last week, selling pressure on the world’s largest cryptocurrency may be easing.
Bitcoin miners’ exchange flows drop sharply
Data from CryptoQuant shows that after peaking last week, flows from Bitcoin miners to exchanges have dropped sharply. This implies that for now, selling pressure from miners is likely to ease.
