It must be a bear market if Bitcoin mining companies, usually the ultimate HODLers, have started selling their stashes.
Publicly traded Bitcoin miners, like Marathon Digital and Riot Blockchain, sold more Bitcoin than they produced last month, a big step up from the first four months of the year when they sold only about 30% of what they produced, according to a new report from Arcane Research.
"If they are forced to liquidate a considerable share of these holdings, it could contribute to pushing the Bitcoin price further down," Jaran Mellerud, an Arcane Research Bitcoin mining analyst, wrote in a report.
Yesterday, Toronto-based Bitfarms sold 3,000 Bitcoin—almost half its supply—to reduce debt. The plan going forward will be to no longer HODL all of its daily Bitcoin production, Jeff Lucas, Bitfarms chief financial officer, said in a press release.
"While we remain bullish on long-term BTC price appreciation," he said, "this strategic change enables us to focus on our top...
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