, crypto analysts are warning that miners’ sales of their hoards could become a source of near-term, downward pressure on the cryptocurrency's price, with the market already sinking by 19% in the past month.
“Miners dumping their ETH is an overhang that we’ll have to get through over the coming months in order to resume up-only mode, but it will happen,” Lucas Campbell, editor of the Bankless newsletter, wrote Monday.Blockchain data assembled byEthereum miners dumped over 16,000 ETH from Sept. 12 to Sept. 19. The decline reduced the miners’ combined balance to about 245,000 ETH, or about $319 million worth.
Lucas Outumuro, head of research at IntoTheBlock, attributed the decline in the balances to “miners moving onto other chains.”It’s also possible that some miners may have sent some ether to exchanges to handle an “airdrop” of new tokens from a splinter blockchain that aimed to continue on with the Ethereum blockchain’s
I think this will change in October and we will be able to see an uptrend
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the last miner move.... after that no more miner manipulation
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Source: CoinDesk - 🏆 291. / 63 Read more »