An analyst has explained that the absence of miners on the Ethereum network could be bullish for the ETHBTC ratio.
Miners Provide A Persistent Selling Pressure On Bitcoin
As explained in a tweet by Tom Dunleavy, a Messari research analyst, BTC miners sell almost all the coins they mine. The below chart contains data about the top ten public Bitcoin mining companies, displaying information such as how much each of them mined this year, the amounts that they sold, and the size of their current holdings:
In total, the ten largest mining companies in the space mined a collective 40.7 BTC this year and sold 40.3 BTC. This means that they roughly dumped the entire supply that they mined in 2022 and in the process, applied constant selling pressure on the network.
Earlier in the year, Ethereum successfully transitioned to a Proof-of-Stake (PoS) consensus mechanism, which means the blockchain no longer uses miners for handling transactions, and rather uses stakers (investors that have locked
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