QCP Capital: Due to the increase in break-even price after halving, miners are facing huge selling pressure
QCP Capital stated that due to the increase in break-even price after halving, miners are under tremendous selling pressure. The amount of BTC held by miners has dropped to its lowest level in the past 14 years, with total reserves reduced by 50,000 since the beginning of the year. The market is also panicking due to the emergence of a large new supply. It is reported that the German government sold about 3,000 bitcoins in the past few days and will sell another 47,000 bitcoins in the future.
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