One overlooked group has added $1.78 billion of selling pressure to bitcoin market
60-second summary
Public miners are currently adding $1.78 billion of selling pressure to the bitcoin market by selling their mined coins, a relatively underappreciated source of supply impacting the market at the margin. This increased supply is coinciding with a period of heightened demand, potentially exacerbating the downward pressure on bitcoin's price. Market participants are closely monitoring this development.
Public miners are an underappreciated source of supply hitting the market right at the margin.