In June, public mining companies sold a total of 14,600 BTC, which corresponds to 23% of their total reserves in the first cryptocurrency. Analysts at Arcane Research pointed to this.

From January to April, the norm was the sale of 20% – 40% of the mined cryptocurrency, in May for the first time miners sold 100% of the digital gold produced. Jason Mallory said in June that figure exceeded 400%.

The leaders in the sale of Bitcoin assets were Core Scientific and Bitfarms. The first of the last two months got rid of about 10,000 BTC, more than 7,000 of which came in June.

Mallory reminded that Core Scientific, which was the leader in hashrate share at the beginning of the year, has the largest bitcoin reserves among public miners. By the end of June, the firm had less than 2,000 BTC left.

Marathon Digital Holdings became the leader in terms of cryptocurrency volume owned, confirming its commitment to its mined asset hoarding strategy.

According to the expert, the increase in bitcoin sales is due to the need for liquidity to finance operations and repay debt obligations. As of March 31, shortly before the market crash, Core Scientific and Bitfarms had the highest leverage against collateral in equipment or cryptocurrency.

The analyst believes the volume of sales of low-volume bitcoin holdings by players like Marathon, CleanSpark and Riot serves as confirmation. These firms did not have such debt prior to the decline phase.

Mallory believes the market experienced the “worst sale” of bitcoin by public miners in June. The expert is confident that in the coming months, miners will have to sell a smaller portion of the received cryptocurrency than in May-June. He cited two main reasons why there might not be such a “grand reset” in the near future:

• companies have sold a significant portion of the reserves, and those not like Marathon or Hut 8 are more likely to continue holding their assets;
• Bitcoin-backed loans fell, removing the biggest risk of cryptocurrency sales.

Recall that in June, the first cryptocurrency miners generated a total revenue of $ 668 million. The indicator decreased by 26% compared to the previous month.

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