The Impact of Bitcoin Miner Behavior on Prices
Miners are a key group of sellers in the Bitcoin market. After the halving, miner income is directly cut in half, which may trigger:
Inefficient old miners shutting down, leading to a short-term decrease in hash rate;
Miners selling off reserve coins to maintain operations, resulting in selling pressure.
Historical patterns show that within three months after the halving, prices often consolidate sideways until weak miners are eliminated, after which a main upward trend begins. Currently, miner holdings are at a historical high, and on-chain selling signals need to be closely monitored.
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