Bitcoin miners curtailed their supply to exchanges to the lowest level in 12 months during the second quarter, revealing their long-term bias on the cryptocurrency.
The daily miner selling activity, as measured by the percentage of sent to exchanges, fell to a 365-day low of 15% on May 20, according to data provided by . The metric remained in a declining trend throughout the April to June period.
Bitcoin miners operate on cash and are constant sellers in the market, liquidating at least some part of their holdings every day in order to cover their operational costs.
Indeed, bitcoin miners, like any other seller, are governed by the law of supply, which states that other factors being constant, price and quantity supplied of a good are directly related to each other.