On-chain analysis by market intelligence platform CryptoQuant has found that selling pressure from Bitcoin miners has eased and remained low in 2024. Bitcoin sold daily by miners currently sits around 300 BTC, significantly down from the companies’ 800 BTC daily sales in November and December 2023. Bitcoin’s transaction count has fallen to a three-month low of 278,000 from December’s all-time high of 731,000 daily. The decline in Bitcoin transactions can be attributed to less activity from Ordinals inscriptions.
Source: Mandy Williams, 2024-02-11; https://cryptopotato.com/bitcoin-miner-selling-pressure-lowers-as-btc-price-goes-above-47k-cryptoquant/