It's not the Bitcoin Miners that are selling...

Miners are often net sellers of bitcoin, at least they used to be.

If you look back at the last couple years they have become a lot more neutral in their activities versus years past.

This is likely due to the ability to use futures and options contracts as well as loans to offset costs as opposed to only being able to sell bitcoin, like they were in the past.

That being said, miners are currently accumulating bitcoin at the fastest clip since may of 2021.

Check it out:

(source: https://twitter.com/BTC_Archive/status/1480904360230072324/photo/1)

It helps that Bitfarms purchased roughly $43 million worth of bitcoin recently, but other miners are holding as well.