Analysis: BTC faces potential further decline due to miner selling pressure

According to CryptoQuant contributor Joaowedson, Bitcoin (BTC) miners have become the largest sellers in the market, transferring an unprecedented $166.2 billion worth of BTC to exchanges in 2023 and 2024, while withdrawing only $48 billion. This significant influx of BTC into exchanges has created excess supply and low demand in the spot market, which could be contributing to the further decline in Bitcoin's price, Joaowedson suggested.