How many #bitcoin have the public miners sold during this bear market?

Hint: They have drained their holdings.

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The public miners only sold 20 - 40% of their BTC production from January to April this year.

This strategy worked well until the bear market arrived, and in May they sold more than 100% of BTC production for the first time.

In June they sold almost 400% of their BTC production
Some miners have sold a large part of their BTC holdings, while others have managed to avoid selling.

Who sold the most? Core Scientific and Bitfarms.
After these massive sales, who holds the most bitcoin?

Marathon has so far avoided selling, and is now the biggest hodler. After selling almost 10k BTC in June, Core Scientific has now fallen from first to sixth place on the list of public miners by BTC holdings.
Why have the public miners been dumping their bitcoin holdings?

Two reasons:
1) General difficulties in getting external capital
2) BTC and machine collateralized debt positions forcing miners to sell BTC

Core Scientific and Bitfarms had the biggest such debt positions.
After their recent sales, the public miners' BTC holdings have been reduced by almost 11k BTC, corresponding to a 23% decrease.

Their bitcoin holdings are now back at where they started this year.
Will the public miners continue to dump their bitcoin?

We have been through the worst due to two reasons:
1) The miners have much less bitcoin to sell
2) What caused the worst miner selling - BTC and machine collateralized debt - has been reduced

The worst risk is flushed out.

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This week I'm following @JMellerud at @ArcaneResearch for his insightful analysis on the #Bitcoin mining market. Check out this recent thread (see below) and make sure to follow Jason!