Miners have started to dump their bitcoin holdings
The deteriorating profitability of mining has forced the public miners to start liquidating their bitcoin holdings.
Jun 20th 2022
Source: Monthly production updates (All public miners)
Bitcoin miners are the only natural net sellers of bitcoin. They receive 900 BTC daily and seek to hodl as much as possible. Ironically, their hodl ambitions make them sell their precious bitcoin during bear markets since that is when the market forces them to sell.