BTC miners prioritize short positions
While in standard market conditions miners tend to act as hodlers, what is happening now has forced them to change their strategy.
A growing number of indicators suggest that miners are actively selling coins. According to Bitcoin Miner Sell activity is at a very high level. It demonstrates that the bearish trend will continue.
The unstable macroeconomic environment is putting additional pressure. BTC miners are in a high inflationary environment right now. We shouldn't forget about rising costs, including electricity. It could also be a push to sell coins.
More and more experts are cautious about the drop in the price of bitcoin. It is not about rising costs, but about the existence of the cryptocurrency mining industry as a whole. For example, Frank Holmes, CEO of US Global Investors, believes:
When bitcoin reaches the $12,000 mark and fixes the price at that level, BTC mining will stop worldwide.
It's not hard to guess that this may provoke an even greater drop in value. The situation was exacerbated by the collapse of the FTX crypto exchange, which caused the main cryptocurrency rate to shake and could lead to new bankruptcies in the mining industry.