Crypto miners have sold $2 billion worth of Bitcoin since the beginning of the month

Bitcoin miners have sold $2 billion worth of BTC since the start of June, the fastest selloff in more than a year and a 14-year low.

Bitcoin miners have sold $2 billion worth of BTC since June, the biggest selloff in more than a year and a 14-year low. This substantial sell-off sent shockwaves through the market and raised concerns about the short-term price action of the leading cryptocurrency.

Several factors are driving this outflow, including the recent halving event and the significant decline in profitability. After the halving, increased costs pressured miners to sell.

Despite the positive news, such as the purchase at nearly 12,000 BTC from Microstrategy, the bull forecast of Arthur Hayes and the support of Michael Dell, Bitcoin's price action remains weak, trading at $63,600 at the time of writing.

Miner reserves have decreased by 50,000 BTC since the beginning of the year, reflecting the financial difficulty.

Adding to the pressure on the market is the fact that the German government recently sold around 3,000 BTC, with another 47,000 BTC reportedly to be sold.

Market speculation suggests a cap on Bitcoin prices in the short term, but predicts a bullish trend towards the end of the year. Heavy selling of call options expiring within a month and aggressive buying from September to December indicate expectations for a summer consolidation followed by a bullish rally.