BTC miners are selling more bitcoins than they earn as rewards.
A prediction report by Arcane Research found that Bitcoin miners have sold around 30% of their bitcoins since May. It is being rumored that currently, Bitcoin spot price is far lower than its actual cost of production. As such, many are selling their BTC stash or retiring altogether owing to financial losses. During the period from May to July, the mining firm Core Scientific sold around 12,000 BTC.
While there are signs of a trend reversal, it will take BTC prices to jump even higher for miners to start hodling again. The report stated that miners sold 158% of their earned bitcoins in July, making it the third month in a row when they sold more than the production. However, the selling trend seems to be on a decline.